what is money measurements principal
Answers
Answer:
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. Using this principle, a fact or a happening or event which cannot be expressed in terms of money is not recorded in the accounting books. Thus, it is not acceptable to record such non-quantifiable items as employee skill levels or the quality of great customer service.
Answer:
Money Measurement Concept is one of the concepts of the accounting according to which company should record only those events or transaction in its financial statement which can be measured in the terms of money and where assigning of the monetary value to the transactions is not possible then it will not be recorded ...
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