In the preparation of the trading account of omuya Ltd., the company included credit sales of N18,000 made during the year. The concept guiding this treatment is the
- Materiality concept
-
Dual aspect concept
- Matching concept
- Money measurement concept
The correct answer is: B
Explanation
Dual Aspect Concept, also known as Duality Principle, is a fundamental convention of accounting that necessitates the recognition of all aspects of an accounting transaction. Dual aspect concept is the underlying basis for double entry accounting system.