Multiple choice

Which of the following concepts of accounting deals with debit and credit effect?

  1. Dual aspect concept

  2. Historical cost concept

  3. Matching concept

  4. Full disclosure concept

  5. Revenue realisation concept

Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Every transaction has an equal debit and credit effect on assets and/or liabilities. Dual aspect principle is the basis for the Double Entry System of bookkeeping.