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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is the dual aspect concept?
💡 Hint: Think about how transactions are recorded in accounting.
Question 2
Easy
Give an example of a transaction that demonstrates the dual aspect concept.
💡 Hint: Consider what accounts are involved in purchasing goods.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What does the dual aspect concept ensure?
- All transactions are recorded in one account.
- Every transaction is recorded in at least two accounts.
- Transactions can be ignored if they lack monetary value.
💡 Hint: Think of the phrase 'Dual Aspect' relating to both sides.
Question 2
True or False: The accounting equation can be unbalanced if the dual aspect concept is ignored.
- True
- False
💡 Hint: Consider what happens when a transaction isn't recorded in two places.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A furniture store sells a sofa for $500 on credit. Write the journal entries and explain how they reflect the dual aspect concept.
💡 Hint: Think about what accounts change when the sale is made on credit.
Question 2
A bakery takes out a loan of $10,000 and uses this money to buy new baking equipment. Describe the journal entries and how they maintain the dual aspect.
💡 Hint: Identify the accounts impacted and how they balance each other out.
Challenge and get performance evaluation