Duality principle: Difference between revisions
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''Bookkeeping and accounting''. | 1. ''Bookkeeping and accounting''. | ||
The dual aspect principle that every accounting transaction affects two accounts. | The dual aspect principle that every accounting transaction affects two accounts. | ||
Therefore the balance sheet should always remain in balance. | Therefore the balance sheet should always remain in balance. | ||
2. ''Internal controls''. | |||
In risk management and governance, duality is the organisational principle that any process capable of generating a significant impact or loss should be subject to independent review. | |||
Sometimes abbreviated to ''duality.'' | |||
== See also == | == See also == | ||
* [[Balance sheet]] | |||
* [[Bookkeeping]] | * [[Bookkeeping]] | ||
* [[Convention]] | |||
* [[Double entry]] | * [[Double entry]] | ||
* [[ | * [[Double entry bookkeeping]] | ||
* [[Four eyes]] | |||
* [[Journal]] | |||
* [[Ledger]] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Latest revision as of 05:36, 20 July 2022
1. Bookkeeping and accounting.
The dual aspect principle that every accounting transaction affects two accounts.
Therefore the balance sheet should always remain in balance.
2. Internal controls.
In risk management and governance, duality is the organisational principle that any process capable of generating a significant impact or loss should be subject to independent review.
Sometimes abbreviated to duality.
