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Question
The fundamental accounting equation, Assets = Equities + Liabilities is the formal expression of ____________.
The fundamental accounting equation, Assets = Equities + Liabilities is the formal expression of ____________.
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Solution
The correct option is A Dual aspect concept
As per dual aspect concept, every transaction affects two accounts. One account must be debit and other account must be credit. Dual aspect concept has been made on the basis of accounting equation. In accounting equation, there are two sides. One side are total assets and other side is total liabilities. Assets always equal to liabilities.
As per dual aspect concept, every transaction affects two accounts. One account must be debit and other account must be credit. Dual aspect concept has been made on the basis of accounting equation. In accounting equation, there are two sides. One side are total assets and other side is total liabilities. Assets always equal to liabilities.
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