Question on: WAEC Accounting - 2016
In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
A
Materiality concept
B
Dual aspect concept
C
Matching concept
D
Money measurement concept
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Correct Option: B
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.
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