Explain the meaning and significance of money measurement concept
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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. ... 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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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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