Build up Your Concept by Taking Duality Aspect Concept in Accounting Homework Help
Duality principle is also well known as dual aspect control. It is a basic convention of accounting that develops the identification of all features of any kind of transaction in accounting. It is also the basic fundamental concept for any accounting system with double entry. Whenever you are facing aproblem, do not leave hope. We, myhomeworkhelp.com are always there to serve with the best duality aspect concept in accounting homework help.
Do you want an explanation for dual aspect concept?
Let us begin with single entry system:
- Here, anonly single aspect of the entire transaction is being recognized.
- The other parts of the transaction like granting credit, receiving cash from the customer is not taken into account.
Let us now know about the double entry system:
- The double entry system is completely based on the principle of duality.
- They are broadly classified into two types. They are credit and debit.
What is credit?
Credit is that part of the transaction that deals with the increase in liabilities, income, equity and also the decrease in various expenses and assets.
What is debit?
Debit is that part of any transaction that deals with the increase in expenses and assets along with the decrease in income, equity and liabilities.
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What is the use of this credit and debit classification?
- It is classified so that for each debit there will certainly be a corresponding credit.
- Each and every transaction that is being incurred will always have dual effects.
- The principle of duality thus ensures that each and every features of a transaction will be accounted in all the financial statements.
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