Question

accounting records transactions and events that can be measured in money terms. is this in your opinion ,a limitation of accounting or an advantage? support your views with reasons

Answer 1

Money measurement concept is an important accounting concept according to which only those transactions are recorded in the books of accounts which can be measured in terms of money this is because money is the common unit of measurement so only those transactions which are capable of being measured in terms of money be recorded in the books of accounts this'll help to ascertain the financial position of the business and to perform accounting with this principle is beneficial for organisation

Answer 2

it is a limitation because transactions which cant be measured by money value are not recorded on the accounting recordds! But what are these transactions and events which are whose values cant be measured by money? the purpose of accounting is to ensure there is  integrity in any event, the events that do not undergo accounting procedures may be facing a lotof false and dishonest procedures.