dual aspect

What Is Based On Dual Aspect Of Accounting Principle?

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What Is Based On Dual Aspect Of Accounting Principle? Double entry system of accounting is based on the Dual Aspect Concept. … All the business transactions recorded in the books of accounts are based on this principle of accounting. According to the Dual Aspect Concept, each business transaction has a dual or a two way

What Is The Principle Of Dual Aspect?

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What Is The Principle Of Dual Aspect? The dual aspect concept states that every business transaction requires recordation in two different accounts. This concept is the basis of double entry accounting, which is required by all accounting frameworks in order to produce reliable financial statements. What is dual aspect or duality principle? Dual aspect concept,