📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!


    Question

    The basic accounting equation, Assets = Liabilities +

    Capital, is the foundation of which principle?
    A Going Concern Correct Answer Incorrect Answer
    B Dual Aspect Correct Answer Incorrect Answer
    C Money Measurement Correct Answer Incorrect Answer
    D Consistency Correct Answer Incorrect Answer

    Solution

    The Dual Aspect principle states that every transaction has two equal and opposite effects, which is mathematically expressed as Assets = Liabilities + Capital.

    Practice Next
    ask-question