______ concept is based on double entry book-keeping which means that accounting system is set up in such a way that a record is made of the two aspects of each transaction that affects the records.

Money measurment

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Cost concept

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Going concern concept

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Dual aspect concept

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Solution

The correct option is C Dual aspect concept
The dual aspect concept is based on double-entry book-keeping which means that the accounting system is set up in such a way that a record is made of the two aspects of each transaction that affects the records.

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