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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
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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 Business Entity Concept.
GAAP stands for ______.
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
It is due to this concept that financial statements are prepared at regular intervals, generally one year.
According to this principle, cost of a particular period should be charged from the revenue of same period only.
What is business entity concept of accounting?
What is meant by going concern concept of Accounting.
“Every transaction has two effects.” (with reference to the concept of Accounting). Give a reason either for or against.
Discuss in brief the basic principles of accounting.
Explain the money measurement principle of accounting.
