Duality principle: Difference between revisions
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imported>Doug Williamson (Create page. Sources: linked pages.) |
imported>Doug Williamson (Add second definition.) |
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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. | |||
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* [[Double entry]] | * [[Double entry]] | ||
* [[Duality]] | * [[Duality]] | ||
* [[Four eyes]] | |||
[[Category:Accounting,_tax_and_regulation]] | [[Category:Accounting,_tax_and_regulation]] | ||
Revision as of 17:00, 19 April 2019
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.
