Accountancy subject is a fun subject to learn. Everything here is to do with numbers and amount. What fun! Debit what comes in; credit what goes out, and so on. But hold on; if you thought accountancy is based on only those three principles, you have sadly mistaken. That was just the beginning. The entire concepts are yet to begin. Dual Aspect Concept is one such topic. It is interesting; it is on duality principle. This is a fundamental topic in the accounting world.
When it comes to dual aspects concept homework answers students are dumbstruck with the questions asked. This is precisely why I thought of writing this blog to let you understand the underlying principles of these home assignments and how can you help yourself.
Before we head, let us know the basis of the Dual Aspect Concept.
Details associated with dual aspect concept:
Well,as mentioned earlier, for accounting transactions, this is used for double entry accounting system. Let us understand in a lay manâ€™s language. It means that for every business transaction, to record the transactions, there are always two accounts where these transactions are recorded. Every debit has a credit and vice-versa.
Sounds interesting, isnâ€™t it?Â Yes, it is interesting. However, the reality is when it comes to solving problems and case studies, students often find it hard-hitting.
As a result, we must first understand what makes the dual aspects concept homework answers seeking a must!
Necessity of online manuals:
The concept states- Total assets = total liabilities
Alternatively total assets= liabilities + capital (ownerâ€™s equity)
So far so good.
Consider this example:
Mr. Thomson, the owner of Thomson Brothers, paid $5000 as salary to staff.
Now, here the student must perceive the latent principle. It has an increase in expenses and decrease in assets.
How do you go about it? For a student, should he take bank account or cash in hand. Should he debit the wages account, expenses account or salary account? And trust me one entry gone wrong, and the entire assignment has gone for a toss.
The right entry would be-
Salary a/câ€¦ Dr. Â Â Â Â Â Â Â Â Â $5000
Â Â Â Â Â Â Â Â Â Â Â To Cash at bank Â a/câ€¦. Cr. $ 5000
This is why homework answers need a little help for sure.
At this point of time, how you wish you had a fairy to solve all your queries! Your magic wand for dual aspects concept homework answers.
Ways to solve problems associated with this subject:
Your wish just got granted! Well, there are many ways to go ahead to keep yourself happy and cheerful throughout your graduation plus master time. It needs planning.
We all are aware now of the traditional way of doing things; the focus is now on online homework services. Can it really benefit me? Is it for real?Â Such questions in your mind? Read more on online dual aspects concept homework answers service providers?
How online services can help you?
By going with online services, you are at ease. Timely submissions for all the subjects can be done easily. As there are a number of experts working rigorously to give you the best.
Well if you thought, online answers were all spoon-fed. The answers delivered are with analysis and details. The student would understand why a transaction was given a certain entry with the explanation notes.
For example- Interest received on deposit from Bank.
Here the answers are given with proper explanation. The student is in a position to grasp the logic behind it. As a result, cash will be debited as it is an increase in asset. Simultaneously credit finance income as it is an increase in income.
Now that you have the answers in front of you. You understand it better. This results in better grades in the subject and overall performance.
On registering you also are entitled to online tutoring on a topic or a subject. This helps you as you donâ€™t travel a distance to go to a professor to understand one particular aspect of the subject.
Since this is online, you have the liberty to log in anytime, anywhere and get your home assignments done.
Wrap up time
With this, I hope this has made an impact in your mind on how you could go ahead with your dual aspects concept homework answers. As long as you do it on time and with ease, there is no looking back. The base line of dual aspect concept states that while transacting when on the one hand there is an effect on assets of a business, there ought to be an effect on liabilities as well.
Similarly, when there is an effect on an asset, a similar equal effect can be seen on other assets as well. Â Further, when there is an effect on liability,equal effect on some other liabilities is shown in a transaction. Keep the principles in mind. Good Luck!