Question

Define money measurement concept of accounting with an example​

Answer 1

Answer:

The money measurement concept states that a business should only record an accounting transaction if it can be expressed in terms of money. ... Thus, a large number of items are never reflected in a company's accounting records, which means that they never appear in its financial statements.

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Answer 2

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The money measurement concept states that a business should only record an accounting transaction if it can be expressed in terms of money. ... Examples of items that cannot be recorded as accounting transactions because they cannot be expressed in terms of money include: Employee skill level. Employee working conditions.