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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What does the Dual Aspect Concept imply?
💡 Hint: Think about how each entry in accounting has a counterpart.
Question 2
Easy
Give one example of a dual aspect transaction.
💡 Hint: Consider how assets and liabilities might change.
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?
- Single entry of transactions
- Every transaction must affect two accounts
- Record transactions only in cash
💡 Hint: Remember the term dual refers to two aspects.
Question 2
True or False: The accounting equation can become unbalanced.
- True
- False
💡 Hint: Consider what would happen if transactions were not recorded accurately.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
Company A buys a machine for ₹15,00,000 and pays half in cash and half through a bank loan. What are the accounting entries?
💡 Hint: Consider both how the company acquires the asset and how it funds the purchase.
Question 2
What would happen if Company B forgets to record the credit part of a transaction where they sold goods for ₹20,000 on credit?
💡 Hint: Think about what financial health should truly reflect.
Challenge and get performance evaluation