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In the preparation of the trading account of omuya Ltd., the company included credit sales…

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

  • A.
    Materiality concept
  • B.
    Dual aspect concept
  • C.
    Matching concept
  • D.
    Money measurement concept
Correct Answer: Option 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.