Advertisements
Advertisements
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
Advertisements
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.
APPEARS IN
संबंधित प्रश्न
What does GAAP stand for in Accounting?
According to this concept, a business firm is treated as a unit separate and distinct from its owners.
According to this principle, revenue is deemed to be realised when the goods have been transferred or the services have been rendered to a customer.
The capital provided by the owner is a liability of the firm. Answer with reference to the concept of Accounting.
Explain 'Matching Concept' of GAAP.
Discuss in brief the basic principles of accounting.
Explain the money measurement principle of accounting.
Explain matching principle of accounting.
Explain Accounting Period Concept.
Explain the expense principle.
