In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the

  • A Materiality concept
  • B Dual aspect concept
  • C Matching concept
  • D Money measurement concept
waec 2016accounting

The correct answer is B. Dual aspect concept

Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.

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