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30 Every transaction has two effects, which will have an impact upon the elements of the financial statements.
Which accounting concept is this in accordance with?
A. The historical cost concept
B. Materiality
C. Duality
D. The materiality conceptAnswer provided in the exam kit is D. How?!
I do not know which exam kit you are using, but if they really showing the answer to be D then it is an error. The correct answer in C.
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