Accounting does not record non-financial transactions because of __________________.Accrual conceptCost conceptContinuity conceptMoney measurement concept (2024)
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The concept of money measurement states that only those transactions andhappenings in an organisation which can be expressed in terms of moneysuch as sale of goods or payment of expenses or receipt of income, etc. are tobe recorded in the book of accounts.
All such transactions or happeningswhich can not be expressed in monetary terms, for example, the appointmentof a manager, capabilities of its human resources or creativity of its researchdepartment or image of the organisation among people in general do not finda place in the accounting records of a firm.
All such transactions or happenings which can not be expressed in monetary terms, for example, the appointment of a manager, capabilities of its human resources or creativity of its research department or image of the organisation among people in general do not find a place in the accounting records of a firm.
The money measurement concept (also called monetary measurement concept) underlines the fact that in accounting and economics generally, every recorded event or transaction is measured in terms of money, the local currency monetary unit of measure.
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