Answer to Question #105808 in Accounting for Siyabonga

Question

Identify the statement that correctly describes the dual aspect convention of accounting.
Select one:
a. At least two accounts will be involved in recording a transaction.
b. Only two ledger accounts will be needed to record any transaction
c. If a transaction requires two debit entries, two credit entries must also be made
d. Transactions are recorded in both a book of prime entry and the general ledger

Answer 1

The dual aspect convention of accounting means that

a. At least two accounts will be involved in recording a transaction