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- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:39 pm
Top Answer: It refers to the broad underlying concepts which guide accountants when preparing financial statements. ..
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:40 pm
The basic purpose of an accounting system is to: ?
Top Answer: D
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:40 pm
Do Accountants have an ethical duty to educate clients to a higher level of financial acumen?
Top Answer: Good accountants used to simplify the reporting so as to grasp the contents to the understanding capabili
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:40 pm
What do you understand by the processes involved in accounts receivable (trade debtors)?
Top Answer: Account Receivable is our assets.A/R is our customer that use our serives or receive our goods but the pa ..
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:40 pm
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- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:41 pm
, thousands of new job vacancies are listed on the award-winning platform from the region's top employers.
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:42 pm
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:42 pm
Dual aspect concept is the underlying basis for double entry accounting system
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:42 pm
. Double entry accounting system is based on the duality principle and was devised to account for all aspects of a transaction.
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:42 pm
Under the system, aspects of transactions are classified under two main types:
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:43 pm
Debit Credit Debit is the portion of transaction that accounts for the increase in assets and expenses, and the decrease in liabilities, equity and income. Credit is the portion of transaction that accounts for the increase in income, liabilities and equity, and the decrease in assets and expenses
- meenu007
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Join date : 2019-01-07
Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:43 pm
The classification of debit and credit effects is structured in such a way that for each debit there is a corresponding credit and vice versa.
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:43 pm
Hence, every transaction will have 'dual' effects (i.e. debit effects and credit effects).
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:43 pm
The application of duality principle therefore ensures that all aspects of a transaction are accounted for in the financial statements
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:44 pm
Accounting does not record non- financial transactions because of...
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:44 pm
What are the accounting principles & concepts?
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:44 pm
Increse in Assets & Increase in Liabilities.
- meenu007
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Re: Dual aspect term in Accounting ?
Tue Jan 08, 2019 12:45 pm
Decrease in Assets & decrease in Liabilities.
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