Q.89
Given below are two statements, one is labelled as Assertion (A) and other one labelled as Reason (R).
Assertion (A) : The dual aspect concept is the basis of double entry book keeping
Reason (R) : Every business transaction has a receiver and giver of the benefit
In light of the above statements, choose the correct answer from the options given below.
- Dual Aspect Concept in Bookkeeping:
- Assertion (A) is true: The Dual Aspect Concept is the cornerstone of modern double-entry bookkeeping, embodied in the fundamental balance sheet equation:
Every financial transaction has a dual debit and credit impact.
- Reason (R) is true and explains (A): Every financial transaction represents an economic exchange where one account receives a benefit (Debit) and another account confers/gives a benefit (Credit) of identical value, ensuring total debits always equal total credits.
- Conclusion: Both (A) and (R) are true, and (R) is the correct explanation of (A), making Option 1 correct.
Correct option: (1) Both (A) and (R) are true and (R) is the correct explanation of (A)
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