Dual Aspect Concept

Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the fundamental basis for double entry accounting system.

Accounting Concepts

Accounting Concepts Learning objectives: Explain important accounting principles. The term concepts includes those basic assumptions or conditions upon which accounting is based. The following are the important accounting concepts: Business Entity Concept Going Concern Concept Money Measurement Concept Cost Concept Duel Aspect Concept Accounting