2021 · Q48
Which one of the following accounting concepts is applied by an entity, when events such as new competitor entering in the market and rift between production and marketing departments are not disclosed in the books of accounts?
General Accounting Principles, Auditing and InsuranceAccounting concepts and conventions
- AMatching
- BMoney Measurement
- CRevenue Recognition
- DCost
Explanation
The Money Measurement Concept is a fundamental accounting principle that states that only transactions that can be expressed in monetary terms should be recorded in the financial statements.