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what is Dual Accounting
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Accounting method where two entries, one credit and one
debit, are made for each transaction. For example, if an
item of stock is purchased for £100, the payment of £100 is
reflected in the debit account, while the new item of stock
value of £100 is entered in the stock account. Under this
method of accounting assets equal liabilities, and a balance
sheet should balance the two.
Asset=liabilities+owners equity
| Is This Answer Correct ? | 4 Yes | 3 No |
Answer / hashim bin ali
dual accounting is nothing but double entry system.the
method of writing every transation in to two accounts is
known as dual accounting or double entry system of
accounting.of the two accounts, one account is given debit
while the other account is given credit with an equal
amount.thus on any date the toatal of all debit must be
equall to the the total of all credits becouse every debit
has a coresponding credit entry.
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Answer / avneet
Dual Accountig means there are two effects of accounting.
There will always be a consequences of a accountig transaction aor equation.
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Answer / naheem
DUAL ACCOUNTING IS ALSO CALLED AS DOUBLE ENTRY SYSTEM. the
system of recording both aspcts of transaction in books is
called "Double entery system".
| Is This Answer Correct ? | 1 Yes | 1 No |
Answer / cai koh
A true Dual Accounting is one that has both a Home Currency
and Reporting Currency being captured in 1 single
accounting package.
You need to pre-set a Home Currency and a Reporting
Currency in the system and when you enter 1 transaction,
based on the rate supplied, it will prepare 2 sets of
accounts for you automatically.
Softlin Marketing Pte Ltd in Singapore has a standard off-
the-self systemn that is able to cater for such a
requirement
Such System is useful for Companies that are invested by
other country's investor and the stake-holders always
wanted to check the account status.
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Answer / sumitra.raghavan
dual accounting is recording of both the aspects of
transactions
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Answer / venkatesh
In accoounting system their are two types they are
1.single entry system and
2.double entry system.
the double entry system is nothing but dual accounting.This
is followed by the dual aspect concept.In every transation
their is one debit and one credit is commpelsary.
This is system is papular than the single entry
system.
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Answer / mehul5336
The company Assets must equal sum of the Liabilities and Equity.
Assets = Liabilities + Equity.
See the above formula..
If Change accurancy in asset then liabilities and equity should be change vice versa.
That mean any financial transaction must be affected on the both side of formula.
Its called Dual nature of accounting.
Best of luck>>>>>>
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Double-entry bookkeeping is governed by the accounting
equation. At any point in time, the following (basic)
equation must be true:
assets = liabilities + equity
This can be further expanded and the (extended) equation
becomes:
assets = liabilities + equity + (revenue − expenses)
or
assets = liabilities + (capital − drawings) + (revenue −
expenses)
A = L + C − D + R − E
Finally, the equation may be rearranged algebraically as
follows:
A + E + D = L + R + C
| Is This Answer Correct ? | 2 Yes | 3 No |
Answer / raza ali
dual accounting is a double entry system which comprises
two way treatment of income & expenses by the use of two
accounting tools debit and credit.this method fecilitates a
perfect process of accounting.
| Is This Answer Correct ? | 1 Yes | 2 No |
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