The "duality of effects" can best be described as follows:

a. When one records a transaction in the accounting system, at least two effects on the basic ac- counting equation will result.

b. When an exchange takes place between two parties, both parties must record the transaction.

c. When a transaction is recorded, both the balance sheet and the income statement must be impacted.

d. When a transaction is recorded, one account will always increase and one account will always decrease LO1