Question

3.
What is the basis of measurement? Illustrate by giving one example.
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Answer 1

Answer:

Measurement is defined as the act of measuring or the size of something. An example of measurement means the use of a ruler to determine the length of a piece of paper. An example of measurement is 15" by 25".

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Answer 2

Answer:

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Explanation:

Measurement is the process of determining the monetary amounts at which the elements of the financial statements are recognized and carried in the balance sheet and income statement. Usually four bases of measurement are used (1) Historical cost, (2) Current cost, (3) Realizable value, and (4) present value.