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The dual effect concept is a fundamental principle of accounting that states that every financial transaction has two effects on the accounting equation. This means that for every transaction, there will be an increase in one account and a decrease in another account. This means that the total value of the assets and liabilities remains the same. For example, if a business purchases a new computer for $1,000 cash. This transaction would have the following dual effect on the accounting equation in the following way: Assets would increase by $1,000 (the computer) Liabilities would decrease by $1,000 (the cash) The dual effect concept is the basis of the double-entry system of accounting. This is the most common system used to record financial transactions. The double-entry system makes sure that the accounting equation is always in balance, and that all financial transactions are properly recorded