Answer: All transactions are recorded in the books of accounts on the basis of the dual-aspect concept.
Explanation: A transaction is a completed agreement between a buyer and a seller to exchange goods, services, or financial assets in return for money. The term is also commonly used in corporate accounting. In business bookkeeping, this plain definition can get tricky.
Thus, every transaction affects at least two accounts in opposite directions. There can be no transactions in a business that affect only one account or have only one aspect because the double-entry system of accounting is followed while recording the transactions in the books of accounts. For example, if furniture is purchased for cash, the transaction will affect two accounts. i.e. Furniture A/c, as furniture is increased and Cash A/c as cash is decreased.
Each transaction has two effects on a balance sheet - one that increases an asset and one that decreases a liability. These two effects cancel each other out, so the balance sheet always remains in balance.
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