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Dual Aspect Concept - Accounting Principle
This is, no doubt, the basic concept in accounting. Under this concept, each transaction has got a two-fold aspect:
(i) yielding to or receiving of benefit and
(ii) giving of the advantages.
For instance, while a firm obtains an asset (receiving of the benefit) it must have to pay cash (giving of the benefit). Therefore, two accounts are to be passed in the books of accounts, one - for receiving the benefit and the other - for giving the benefit. Therefore, there will be a double entry for every transaction - Debit for receiving the advantage and credit for providing the benefit. So, for each and each debit there must be a corresponding credit and vice versa. This is the principle of Double Entry System of accounting which, Instead, known as the 'Dual Aspect Concept'.
Types of T-Bills In the US markets, though there are many types of T-bills, they can be broadly classified into two types - regular-series bills and irregular-series bills.
Q. Introduction of just-in-time inventory management? It has already been observe that a reduction in inventory due to the introduction of just-in-time inventory management ca
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