What is Dual aspect convention?Question 2Answera.underlying basis for double entry accounting systemb.assumption that the company will continue its operationsc.both assets and liabilities are reported on a company’s balance sheet at their original costd.ensures that financial statements are not overly optimistice.Income should be properly "matched" with the expenses of a given accounting period

A business transaction can have dual effect on a single accounting element or value.Select one:TrueFalse

Interpretations of Dual Aspect:Right hand side = assets = how funds used or invested.Left hand side = liabilities + owners’ equity = sources of funds = how assets were financed.Group of answer choices

Explain the following terms as used in the discipline of Accountingi)      Double Entry system                                                                                     (2 marks)ii)    Assets and Liabilities                                                                                     (3 marks)     iii)  Accruals and Prepayments                                                                           (3 marks)iv)   Profits and Losses

The accounting equation is balanced and shows that assets are equal to liabilities plus the owner’s equity. Business transactions recorded using the equation __________.a.)ensure that each part of a journal entry is correctb.)require an owner’s equity account to balancec.)are limited to two accounts for each entry to balanced.)form the basis for all accounting transactions in a single entry system

Under the double entry accounting system, the accounting equation represents? Owners give money to the business Resources are recorded at cost price Resources in the business are equal to the sources of the business. Resources in the business are not equal to the sources of the business.