35-In early days there was no proper recording of business transactions rather maintaining only a book or register where on left side there were receipts and on the right side there were payments. It was a practice to see the difference between these two sides and to find whether there is a profit or loss. While in recent approach of accounting, every transaction has a double effect or the effect can be seen on two sides showing inflow and outflow of resources. This is because of ______convention of the accounting concept. O a. Accounting period concept O b. Dual aspect concept O c. All of the options O d. Entity concept
35-In early days there was no proper recording of business transactions rather maintaining only a book or register where on left side there were receipts and on the right side there were payments. It was a practice to see the difference between these two sides and to find whether there is a profit or loss. While in recent approach of accounting, every transaction has a double effect or the effect can be seen on two sides showing inflow and outflow of resources. This is because of ______convention of the accounting concept. O a. Accounting period concept O b. Dual aspect concept O c. All of the options O d. Entity concept
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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35-In early days there was no proper recording of business transactions rather maintaining only a book or register where on left side there were receipts and on the right side there were payments. It was a practice to see the difference between these two sides and to find whether there is a profit or loss. While in recent approach of accounting, every transaction has a double effect or the effect can be seen on two sides showing inflow and outflow of resources. This is because of ______convention of the accounting concept.
O a. Accounting period concept
O b. Dual aspect concept
O c. All of the options
O d. Entity concept
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