What does the term dual aspect mean in terms of accounting?
The term dual aspect means every transaction that you carry out has two aspects, i.e., it affects two accounts in their respective opposite sides. For example, to make a purchase, you have to give cash in exchange for the product or service you avail and when you sell something you get the money in exchange for the sale you make. So in short, losing and receiving money are the two aspects of a financial transaction. Therefore, the transaction should be recorded in two places.
The concept of duality in terms of fundamental accounting equation is:
Assets = Liabilities + Capital
