Accounting · Accounting Concepts and Principles
The 'Dual Aspect Concept' forms the core basis of double-entry bookkeeping. What does it imply?
Verified Solution4 OptionsUpdated: October 2026👁️1 View
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- 1Every transaction affects only the asset accounts.
- 2Every transaction affects only the liability accounts.
- 3Business transactions have no effect on owner's equity.
- 4Every business transaction has a two-fold effect on accounting records.✓
Correct answer
Every business transaction has a two-fold effect on accounting records.
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