what is Dual Accounting
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Answer / husna
Dual Accounting is a double entry system,wherein both debit
and credit aspect of a transaction is recorded.Each
transaction has equivalent debit and credit ledger.
| Is This Answer Correct ? | 35 Yes | 3 No |
DUAL ACCOUNTING IS ALSO CALLED AS DOUBLE ENTRY SYSTEM IT
STRARTED IN 1942 BY "LUCAPACLIO" AS PER INDIAN GAAP THE
DOUBLE ENTRY SYSTEM MEANS "EVERY DEBIT THRER MUST BE A
CORRESPONDING CREDIT"
EXAMPLE :
PURCHASED OD GOODS FROM Y AND CO.
IT MAINLY DESRIBES FROM THE GENERAL RULES OF ACCOUNTING
DEBIT THE RECEVIER CREDIT THE GIVER
DEBIT WHAT COMES IN CREDIT WHAT GOES OUT
| Is This Answer Correct ? | 13 Yes | 1 No |
Answer / narasimhulu
Dual Accounting is a double entry system. There is must
tally the both side i.e debit and credit, so transaction has
equivalent debit and credit ledger accounts in the account
books.
| Is This Answer Correct ? | 11 Yes | 5 No |
Answer / hareesh.p
Dual Accounting is a double entry system,wherein both debit
and credit aspect of a transaction is recorded.Each
transaction has equivalent debit and credit ledger ledger
accounts in the account books
| Is This Answer Correct ? | 9 Yes | 3 No |
Answer / mohd zubair
The indian accounting principles are divided in to two
types accounting concepts, and conventions and one of the
of the accounting concept is dual aspect of accounting
system according to this system every journal entry should
be posted according to double entry system means for every
debit there should be equal credit to what comes in debit
it should comes in credit also and its a successful system
of double entry system
| Is This Answer Correct ? | 8 Yes | 2 No |
Answer / musaib
Dual Accounting is a double entry system,wherein both debit
and credit aspect of a transaction is recorded.Each
transaction has equivalent debit and credit ledger
| Is This Answer Correct ? | 5 Yes | 0 No |
Answer / alan balboa
The product valuation determination process is essential to
ensuring that Indians receive payment on the proper value
of the
minerals being removed. Indian tribes and individual Indian
mineral
owners receive all royalties generated from their lands.
The Indian
tribal representatives have expressed concern that the
Secretary
properly ensures the correct royalty is received. Failure
to collect
the data described in this information collection could
result in the
under valuation of leased minerals.
Most Indian leases contain the requirement to perform
accounting
for comparison (dual accounting) for gas produced from the
lease.
According to 30 CFR 206.176, dual accounting is the greater
of the
following two values:
(1) The value of gas prior to processing less any
applicable
allowances, or
(2) The combined value of residue gas and gas plant
products
resulting from processing the gas less any applicable
allowances plus
any drip condensate associated with the processed gas
recovered
downstream of the point of royalty settlement without
resorting to
processing, less applicable allowances.
On August 10, 1999, MMS published a final rule titled
``Amendments
to Gas Valuation Regulations for Indian Leases'' (64 FR
43506) with an
effective date of January 1, 2000. This regulation applies
to all gas
produced from Indian oil and gas leases, except leases on
the Osage
Indian Reservation. The intent of the rule was to ensure
that Indian
mineral lessors receive the maximum revenues from mineral
resources on
their land, consistent with the Secretary's trust
responsibility and
with lease terms. The rule requires lessees to elect to
perform either
actual dual accounting under 30 CFR 206.176, or the
alternative
methodology for dual accounting under 30 CFR 206.173.
| Is This Answer Correct ? | 5 Yes | 1 No |
Answer / santosh
Dual Accounting is, in which the Transactions enters in
both the Debit & Credit side of the accounts. Where also in
Ledger it goes into both the sides of Debit and Credit Note
of Transactions.
In another term it is also known as Contra Entry System.
| Is This Answer Correct ? | 5 Yes | 3 No |
Answer / manoj kumar dash
Dual accounting is double accounting system.both debit and
credit side are equall.
| Is This Answer Correct ? | 2 Yes | 0 No |
Answer / ravi kumar.p
dual accounting concept is nothing but double entry
system,where debit transactions will b recoreded in debit
side and credit transactions will b recorded in credit
side,finally ledger accounts will b prepared for both debit
and credit transactions.
| Is This Answer Correct ? | 3 Yes | 2 No |
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