Question

State with reasons whether the following statement is true or false.
In double account, all business transactions are recorded as having dual aspect.

• A. True
• B. False

Answer 1

The correct option is A True

The dual aspect concept indicates that each transaction made by a business needs to be recorded in two separate accounts.

Whenever a transaction occurs there is a two-sided effect, one is credit and the other is debit for a similar amount.

In double account, all business transactions are recorded as having dual aspect.