Explain accounting concept implications

1.	Explain accounting concept implications
Answer» Answer: It means, both the aspects of the TRANSACTION must be recorded in the books of accounts. The implication of dual aspect CONCEPT is that EVERY transaction has an equal impact on ASSETS and liabilities in such a way that TOTAL assets are always equal to total liabilities.

Answer»

Answer:

It means, both the aspects of the TRANSACTION must be recorded in the books of accounts.

The implication of dual aspect CONCEPT is that EVERY transaction has an equal impact on ASSETS and liabilities in such a way that TOTAL assets are always equal to total liabilities.

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Explain accounting concept implications​

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Explain accounting concept implications