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