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What is the dual aspect concept?

5. What is the dual aspect concept?

1. The concept that the financial statements of an organization
2. The underlying accounting principle that the dollar will remain constant across fiscal periods
3. Every business transaction requires recordation in two different accounts
4. Accounting principle for recording revenues and expenses

Answer: C) Every business transaction requires recordation in two different accounts

Explanation:

The dual aspect principle expresses that each deal requires recordation in two distinct records. This idea is the premise of twofold section bookkeeping, which is needed by all bookkeeping structures to deliver solid budget reports.