According to concept, everything a firm owns, it also owes out to someone.

going concern

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dual aspect

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business entity

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money measurement

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Solution

The correct option is B dual aspect
According to dual aspect concept, everything a firm owns, it also owes out to someone. According to this concept, every transaction affects the business in at least two aspects.

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Similar questions

Name the concept explained in the below statement.

Everything a firm owns, it also owes out to someone.

Q. Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the _______ concept.

Complete the following worksheet

(i) If a firm believes that some of its debtors may default, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___ concept.

(ii) The fact that a business is separate and distinguishable from its owner is best exemplified by the ___ concept.

(iii) Everything a firm owns, it also owns out to somebody. This coincidence is explained by the ___ concept.

(iv) The ___ concept states that if the straight-line method of depreciation is used in one year, then it should also be used in the next year.

(v) A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of ___

(vi) If a firm receives an order for goods, it would not be included in the sales figure owing to ___

(vii) The management of a firm is remarkably incompetent, but the firm's accountants cannot take this into account while preparing the book of accounts because of ___ concept.

Complete the following work sheet:

(i)	If a firm believes that some of its debtors may ′default′, it should act on this by making sure that all possible losses are recorded in the books. This is an example of the ___________ concept.
(ii)	The fact that a business is separate and distinguishable from its owner is best exemplified by the ___________ concept.
(iii)	Everything a firm owns, it also owns out to somebody. This co-incidence is explained by the ___________ concept.
(iv)	The ___________ concept states that if straight line method of depreciation is used in one year, then it should also be used in the next year.
(v)	A firm may hold stock which is heavily in demand. Consequently, the market value of this stock may be increased. Normal accounting procedure is to ignore this because of the ___________.
(vi)	If a firm receives an order for goods, it would not be included in the sales figure owing to the ___________.
(vii)	The management of a firm is remarkably incompetent, but the firms accountants can not take this into account while preparing book of accounts because of ________ concept.

Q. A person who owes money to the firm is ____________.

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According to concept, everything a firm owns, it also owes out to someone.

The correct option is B dual aspectAccording to dual aspect concept, everything a firm owns, it also owes out to someone. According to this concept, every transaction affects the business in at least two aspects.

The correct option is B dual aspect
According to dual aspect concept, everything a firm owns, it also owes out to someone. According to this concept, every transaction affects the business in at least two aspects.