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WAEC Financial Accounting 2003 Question 17

Question 17

Accounting Concepts and Conventions

The accounting concept that supports the application of double entry book-keeping is the

  1. A.going concern concept
  2. B.dual aspect concept
  3. C.historical cost concept
  4. D.consistency concept
Show the answer and explanation

Answer: B (dual aspect concept)

Explanation

Every transaction has two aspects, which is the basis of double entry.