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प्रश्न
On the basis of this concept, only those transactions are recorded in accounts which can be expressed in terms of money.
पर्याय
Money measurement concept
Accounting period concept
Business entity concept
Realisation concept
उत्तर
Money measurement concept
Explanation:
The money measurement concept states that only transactions and events that can be measured in monetary terms are recorded in the accounting records. Non-monetary items, such as employee skills or customer satisfaction, are not recorded in the financial statements because they cannot be quantified in terms of money.
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संबंधित प्रश्न
Explain the Money Measurement Concept.
Justify the following:
Every transaction is recorded in at least three accounts.
Explain the need for GAAP for accounting.
GAAP stands for ______.
Accounting principles are necessary due to which of the following reasons?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
"Every transaction affects at least three accounts." Comment.
Explain any two basic concepts of accounting.
Explain the realisation principle.
