Multiple choice general knowledge

Transactions and events that can be measured in terms of money are recorded in the books of accounts

  1. Money Measurement Concept

  2. Revenue Recognition Concept

  3. Prudence Concept

  4. Cost Concept
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A Correct answer
Explanation

The Money Measurement Concept states that only transactions and events that can be expressed in monetary terms should be recorded in accounting books. This provides a common basis for measuring and comparing diverse business activities.

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