Question

Accounting does not record non-financial transactions due to

Answer 1

⭐Hey mate

⚡here is your answer.

⚡Description: As per the money measurement concept only those transactions which can be measured in terms of money are recorded in financial statements.

⚡Any transaction which is not convertible in monetary terms, will not be recorded in financial statements even if it effects the results of the business materiality. Therefore, non- monetary transactions are not recorded in books of accounts.

Answer 2

Description: As per the money measurement concept only those transactions which can be measured in terms of money are recorded in financial statements. Any transaction which is not convertible in monetary terms, will not be recorded in financial statements even if it effects the results of the business materiality. Therefore, non- monetary transactions are not recorded in books of accounts.