Asked by Amber Hodge on Jul 02, 2024
Verified
The ________ assumption states that transactions and events are expressed in money units.
Money Units
A standard unit of measure for accounting transactions, typically representing the currency in which a financial transaction is recorded.
Transactions
Financial activities or events that affect the financial position of a business, such as sales and purchases.
- Understand the fundamental concepts and assumptions underlying accounting (monetary unit assumption, going concern assumption, separate entity assumption).
Verified Answer
SS
Learning Objectives
- Understand the fundamental concepts and assumptions underlying accounting (monetary unit assumption, going concern assumption, separate entity assumption).