Keyword Analysis & Research: duality principle accounting


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What is the duality concept in accounting?

Dual aspect concept, also known as duality principle in accounting, states that every business transaction should have double entry in bookkeeping. Forming the basis of double entry bookkeeping system, dual aspect concept records every transaction under two basic classifications of credit and debit.

What is double-entry accounting?

Double-entry accounting is a bookkeeping method that keeps a company's accounts balanced, showing a true financial picture of the company's finances. This method relies on the use of the accounting equation Assets = Liabilities + Equity.


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