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:
Let us now know about the double entry system:
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?
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