Commercial Applications
This principle suggests that every debit has a corresponding and equal credit.
- Matching principle
- Principle of full disclosure
- Dual aspect principle
- Realisation concept
GAAP
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Answer
Dual aspect principle
Reason — The Dual Aspect Principle states that every transaction has two effects — there must be a giver of benefit and a receiver of the same. Hence every debit has a corresponding and equal credit. This principle gave rise to the Double Entry System.
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