What is the Dual Aspect Concept?
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WHAT IS THE DUAL ASPECT CONCEPT?
The dual aspect concept states that each business transaction is recorded by means of two opposing accounting entries. In other words, there are two aspects of accounting for a transaction of a business. One can be represented by the assets of the business and the other by the claims against them. It is very important to note that the two opposing entries or aspects are of equal value i.e. the same amount. The dual aspect concept is compared as an alternative form of the accounting equation of Assets = Capital + Liabilities. Whereby if one side of the equation is effected by an amount then the opposite is also effected by the same amount. The double entry bookkeeping system is a great example of the dual aspect concept in practice. It shows that for every transaction, two things are affected in other terms there will be a debit and credit entry.
This video will help you with questions such as what is the dual aspect concept, what is the dual aspect concept with example, what is the dual aspect concept results in the accounting equation, what is the dual aspect concept in accounting with an example, what is the dual aspect concept in accounting, what is the dual aspect concept example, what is dual aspect concept with example, importance of dual aspect concept, dual aspect concept.
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Our content is to be used as an EDUCATIONAL TOOL that aims to provide a foundation for individuals to learn financial accounting, management accounting and bookkeeping topics as practiced in the United Kingdom. As a result, not all complexities are shown or provided. Examples may include but are not limited to; differences between financial reporting, accounting standards or tax treatments. We are NOT ENGAGED in the providing of accounting, bookkeeping, financial, investment, tax, or other professional services. You should consult with a qualified or professional such as an accountant, business advisor, investment specialist, lawyer, solicitor, etc., with regards to specific facts and situations.
#dualaspectconcept #accountingconcept #accountingconcepts
WHAT IS THE DUAL ASPECT CONCEPT?
The dual aspect concept states that each business transaction is recorded by means of two opposing accounting entries. In other words, there are two aspects of accounting for a transaction of a business. One can be represented by the assets of the business and the other by the claims against them. It is very important to note that the two opposing entries or aspects are of equal value i.e. the same amount. The dual aspect concept is compared as an alternative form of the accounting equation of Assets = Capital + Liabilities. Whereby if one side of the equation is effected by an amount then the opposite is also effected by the same amount. The double entry bookkeeping system is a great example of the dual aspect concept in practice. It shows that for every transaction, two things are affected in other terms there will be a debit and credit entry.
This video will help you with questions such as what is the dual aspect concept, what is the dual aspect concept with example, what is the dual aspect concept results in the accounting equation, what is the dual aspect concept in accounting with an example, what is the dual aspect concept in accounting, what is the dual aspect concept example, what is dual aspect concept with example, importance of dual aspect concept, dual aspect concept.
MUSIC CREDIT
@benfrydrums
DISCLAIMER
Our content is to be used as an EDUCATIONAL TOOL that aims to provide a foundation for individuals to learn financial accounting, management accounting and bookkeeping topics as practiced in the United Kingdom. As a result, not all complexities are shown or provided. Examples may include but are not limited to; differences between financial reporting, accounting standards or tax treatments. We are NOT ENGAGED in the providing of accounting, bookkeeping, financial, investment, tax, or other professional services. You should consult with a qualified or professional such as an accountant, business advisor, investment specialist, lawyer, solicitor, etc., with regards to specific facts and situations.
#dualaspectconcept #accountingconcept #accountingconcepts
7 سال پیش
در تاریخ 1396/06/27 منتشر شده
است.
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