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Definition: the Monetary Unit Assumption is an accounting principle which assumes money as a unit of measurement and that an entity should record only those business transactions or events in the financial statements which can be expressed or measured in monetary terms (unit of currency). |
Learn more about the Monetary Unit Assumption More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more... You may also like: Full-time MBA, Executive MBA, Executive Education, Online MBA. MBA Brief offers concise, yet precise definitions of concepts, methods and models as taught in a study Master of Business Administration. We like to keep things short, and provide links to learn more about your subject.
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