NECO Accounting 2023 Objective — Question 10
Question 10 of 50 from the National Examinations Council (NECO) Accounting 2023 Objective paper, with the correct answer and a full explanation.
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The concept which underlies double entry bookkeeping is (a) accrual concept (b) Duality concept (c) money measurement concept (d) historical cost concept
- A. accrual concept
- B. Duality conceptCorrect
- C. money measurement concept
- D. historical cost concept
Explanation
The dual aspect (duality) concept explains that every transaction has a two-sided effect, one debit and one credit of equal amount.
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