explain money measurements principles with suitable examples.
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Answer:
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.
Answer:
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.
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.
Explanation:
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