Accountıng I Deneme Sınavı Sorusu #1313583
Which of the given is TRUE about monetary unit assumption?
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It is an organization that stands apart as a separate economic unit. |
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It assumes that the business entity will remain in operation forever. |
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Financial transactions can only be recorded if the transaction data can be expressed in terms of money. |
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The monetary unit assumption causes any decrease in the quality of financial information. |
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It requires that the financial transactions of the entity should be recorded separately from the economic activities of its owner and all other economic entities. |
The monetary unit assumption requires that financial transactions can only be recorded if the transaction data can be expressed in terms of money. In other words, monetary unit is an accounting concept which assumes that business transactions or events can be measured and expressed in terms of monetary units and the monetary units are stable and dependable. the monetary unit assumption does not cause any decrease in the quality of financial information. The correct answer is C.
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