Which Generally Accepted Accounting Principle states that ""A stable currency is going to be the unit of record""?

Business

1 answer:

WARRIOR [948]4 years ago

6 0

Answer:

The monetary unit principle states that "A stable currency is going to be the unit of record".

Explanation:

One of the important generally accepted accounting principles is the Monetary unit principle.
This principle states that record those business dealings that can be conveyed in terms of a currency.
This means anything that cannot be quantified should not be recorded a businesses transactions. The non-quantifiable items include customer service, motivation, management skills, etc.
Over time, money has been used as a stable form of currency in accounting.

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