Q2. What is the meaning of "recording in terms of money"?
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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. ... 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:recording in terms of money means that according to the money measurement concept only those transactions are to be recorded which are in monetary terms so many other things important in a business like reputation etc are neglected but they play important role in business .
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