Question Practice

In accounting, what does the dual aspect concept refer to?

Attempt the question, check the explanation, and continue with similar questions to build confidence before exams.

MCQ_SA

Single Answer MCQ

Q-00053828

Every transaction has two effects

Assets and liabilities are recorded in the same account

Income must be reported in two statements

All transactions should be recorded in dual currency

Video Explanation

Watch Video Solution

Keep Practising

Students who asked this also explored

Continue with nearby questions to strengthen the same chapter concept while you still have the context fresh in mind.

Q1.

What does GAAP stand for in accounting?

Q2.

Which principle states that business and owners are treated as separate entities?

Q3.

The principle that ensures consistency in financial reporting is known as?

Q4.

Which accounting concept requires that all information affecting an organization's financial statements must be disclosed?