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Under the dual aspect concept, every transaction:

  1. A Affects only one account
  2. B Has an equal and opposite effect on at least two accounts
  3. C Must involve cash
  4. D Increases total assets
Answer

Has an equal and opposite effect on at least two accounts

The dual aspect concept is the foundation of double-entry bookkeeping and keeps the accounting equation in balance after every transaction.

All Accounting MCQs

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