Accounting for IGCSE & O level - Advanced Principles (Section 7 - No. 38)
What does the duality principle state?
Every transaction affects the profit and loss statement.
Every transaction has two aspects and should be recorded in the double-entry accounts of the business.
Every transaction affects the cash flow statement.
Every transaction must involve a monetary value.
Wyjaśnienie
The duality principle is the basis of double-entry bookkeeping, stating every transaction has two aspects: a debit and a credit.