Home » MCQs » Commerce MCQs » Generally Accepted Accounting Principles MCQs

For every debit, there is credit is stated in which concept?

17. For every debit, there is credit is stated in which concept?

1. Money Measurement Concept
2. Dual Aspect Concept
3. Revaluation Reserve
4. Market Value

Answer: B) Dual Aspect Concept

Explanation:

The Dual Aspect Concept of the double-entry system of bookkeeping is "Each charge has a relating credit" consequently the all out of all charges must be equivalent to the all-out of all credits. In basic words, each deal influences two records. On the off chance that one record is charged the other record will be credited with the comparable sum.