Question

The monetary unit assumption a.requires that different units be used for assets and liabilities b.requires that economic data be reported in yen in Japan or dollars in the United States c.is only used in the financial statements of manufacturing companies d.is not important when applying the cost principle

Answer 1

Answer:

b.requires that economic data be reported in yen in Japan or dollars in the United States

Explanation:

According to the monetary unit assumption, the transaction of the business are recorded in terms of monetary units

That means only that transactions are recorded which are in terms of money

. If the transactions are not in terms of money than the same is not under the monetary unit assumption

As in the given options, the japan currency is yen and the currency of the united states is dollars that reflect the monetary unit