Accounting for IGCSE & O level - Advanced Principles (Section 6 - No. 21)
What does the duality principle essentially mean in accounting?
Every transaction only affects the profit and loss statement.
Every transaction has two aspects, with a debit and a credit.
Every transaction involves cash.
Every transaction only affects the balance sheet.
Forklaring
The duality principle is the basis of double-entry bookkeeping.