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WAEC Financial Accounting 2007 Question 30

Question 30

Accounting Concepts and Conventions

The accounting principle which states that for every debit entry, there is a corresponding credit entry is recognised by

  1. A.realisation concept
  2. B.entity concept
  3. C.going concern concept
  4. D.dual aspect concept.
Show the answer and explanation

Answer: D (dual aspect concept.)

Explanation

That is the dual aspect concept.