Answer Posted / dev
dual aspect concept is also called Double Entry Methodology
The key points are All transactions have two(2) dimensions
and this follows from the basic accounting equation which is:
ASSETS= LIABILITIES + OWNERS’ EQUITY
Assets are the resources owned by a business
Liabilities are the rights of the creditors, which represent
debts of the business
Owners Equity represents the rights of the owner
| Is This Answer Correct ? | 6 Yes | 2 No |
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