Question

According to________ concept, every business transaction has two aspects.

• A. going concern
• B. materiality
• C. business entity
• D. dual aspects

Answer 1

The correct option is D dual aspects

Dual aspect is the foundation or basic principle of accounting. It provides the very basis for recording business transactions into the book of accounts. This concept states that every transaction has a dual or two-fold effect and should therefore be recorded at two places.

In other words, at least two accounts will be involved in recording a transaction.