Question

“Only monetary transactions are recorded in accounting”. Explain the statement.

Answer 1

The money measurement concept states that a business should only record an accounting transaction if it can be expressed in terms of money.

This means that the focus of accounting transactions is on quantitative information, rather than on qualitative information.

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. 

therfore ,Only monetary transactions are recorded in accounting

Answer 2

Answer:

c

Explanation:

money measurement concept