Question

Accounting measures a business transaction in terms of ___________ units​

Answer 1

Answer:

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Explanation:

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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Answer 2

Accounting measures a business transaction in terms of monetary units.

• Accounting has a money measurement concept which states that all the transactions must be recorded in terms of a specific currency.
• This term in business is money.
• All the transactions like sale, purchase, mortgage, etc. are carried out in monetary terms.
• This makes the process of recording, calculating, and comparing easy for internal and external users of accounting information.