It provides the very basis of recording business transactions in the books of accounts. This concept assumes that every transaction has a dual effect, i.e. it affects two accounts in their respective opposite sides It is commonly expressed in terms of fundamental accounting equation Assets = Liabilities + Capital The knowledge of dual aspect helps … Read more
The cost concept requires that all assets are recorded in the book of accounts at their purchase price, which includes cost of acquisition, transportation, installation and making the asset ready to use. The concept of cost is historical in nature as it is something, which has been paid on the date of acquisition and does … Read more
NCERT Books for Class 12 English (Core) Flamingo – Prose Lesson 1: The Last Lesson (Alphonse Daudet) Lesson2: Lost Spring (Anees Jung) Lesson3: Deep Water (William Douglas) Lesson 4: The Rattrap (Selma Lagerlof) Lesson 5: Indigo (Louis Fischer) Lesson 6: Poets and Pancakes Lesson 7: The Interview Lesson 8: Going Places (A. R. Barton) Flamingo … Read more