💰MONEY MEASUREMENT CONCEPT OF ACCOUNTING
ALL ABOUT ACCOUNTING :- 19th blog ☆☆☆ACCOUNTING ☆☆☆ Hi freinds., 🙏 Today's discuss 2nd concept of accounting.... So let's discuss ..... ★ MONEY MEASUREMENT :- This concepts assumes that all business transactions must be in terms of money, 💰 that is in the currency of country. In our country such transactions are in terms of rupees. Thus, as per the money 💰measurement📏 concept, transactions which can be expressed in terms of money are recorded in the books of accounts. For example, sale of goods worth rupees ₹1,00,000, purchase of raw materials of ₹ 60,000, Rent paid ₹ 5,000 etc. are expressed in terms of money, and so, they are recorded 🔘 in the books 📚 of accounts. But the transactions which cannot be expressed in monetary terms are not 🙅 recorded in the books of accounts. For example : Sincerity, loyalty, honesty of employees are not recorded in books of accounts because these cannot be measured in terms of mon