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WAEC Financial Accounting 2010 Question 48

Question 48

Accounting Concepts and Conventions

Money received from a customer is recorded in the customer's account and bank account; the accounting concept applied is

  1. A.business entity
  2. B.dual aspect
  3. C.going-concern
  4. D.money measurement
Show the answer and explanation

Answer: B (dual aspect)

Explanation

Every transaction has two sides (debit bank, credit customer): the dual aspect concept.