Question

(D) LONG ANSWER QUESTIONS
1. Explain what you understand by the phrases in terms of money" and "of financial
character" often used in the definition of accounting.​

Answer 1

Answer:

Anything that has value and can be used as a means of financial exchange is called Money. Financial character is the feature of a financial transaction. Financial character primarily involves flow of cash and is measured in the terms of money. You cannot record every transaction in the accounting.