Conceptual Framework of Accounting — Accountancy STD 11 — Question
Tamilnadu BoardEnglish MediumSTD 11AccountancyConceptual Framework of Accounting2 Marks
Question
What is dual aspect concept?
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Answer
Accorcling to this concept, every transaction or event has two aspects, i.e., dual effect. This is the concept which recognises the fact that for every debit, there is a corresponding and equal credit. This is the basis of the entire system of double entry book – keeping.
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