The duality (or duality of effects)concept states that
A)both the income statement and balance sheet are impacted by every transaction.
B)every transaction has an impact on assets and stockholders' equity.
C)there are two entities involved in every transaction.
D)every transaction has at least two effects on the accounting equation.

Question

Quizplus · Accepted Answer

Every accounting transaction has at least two effects on the accounting equation, this concept is known as dual effects.

The Duality (Or Duality of Effects)concept States That