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WAEC Financial Accounting 2025 Question 27

Question 27

Accounting Concepts and Conventions

The concept which states that there are two sides to accounting entries is

  1. A.money measurement concept.
  2. B.prudence concept.
  3. C.dual aspect concept.
  4. D.accrual concept.
Show the answer and explanation

Answer: C (dual aspect concept.)

Explanation

The dual aspect concept says every transaction has a debit and a credit.