Accounting for IGCSE & O level - Advanced Principles (Section 1 - No. 6)

What is the purpose of the duality principle?

To ensure that income is greater than expenses

To guarantee that every transaction is recorded in at least two accounts.

To ensure that expenses are recorded in a single account

To guarantee that assets is greater than liabilities

The duality principle is the basis of double-entry bookkeeping, ensuring that every transaction affects at least two accounts