What is MEASURING UNIT ASSUMPTION?
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The MEASURING UNIT ASSUMPTION IS ALSO Known as (Monetary Unit Assumptions) states that only those Events and Transactions are Recorded in the books of Accounts of the business which Can be Measured and Expresed in monetary terms
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Monetary Unit Assumption in accounting principle states that money will be taken as unit of measurement while recording business transactions and economic events. The accounting principle assumes the expression the economic events (transactions) & relationship among transactions in terms of money.
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