Dual aspect term in Accounting ?

Top Answer: It refers to the broad underlying concepts which guide accountants when preparing financial statements. ..

The basic purpose of an accounting system is to: ?

Top Answer: D

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

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 ..

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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

Dual aspect concept is the underlying basis for double entry accounting system

. Double entry accounting system is based on the duality principle and was devised to account for all aspects of a transaction.

Under the system, aspects of transactions are classified under two main types:

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

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.

Hence, every transaction will have 'dual' effects (i.e. debit effects and credit effects).

The application of duality principle therefore ensures that all aspects of a transaction are accounted for in the financial statements

Accounting does not record non- financial transactions because of...

What are the accounting principles & concepts?

Increse in Assets & Increase in Liabilities.

Decrease in Assets & decrease in Liabilities.