A business transaction can have dual effect on a single accounting element or value.Select one:TrueFalse

Answer

The statement is False.

In accounting, a transaction typically affects at least two different accounts due to the dual aspect concept, which is fundamental to double-entry bookkeeping. This means that every financial transaction has corresponding changes in at least two accounting elements (for example, assets and liabilities or income and expense), ensuring that the accounting equation (Assets = Liabilities + Equity) remains balanced. Therefore, a single accounting element cannot be affected in a dual manner by a single transaction; it can only be affected in one aspect (either an increase or a decrease) while the other account fulfills the balance required by the transaction.