Money Measurement Concept

Q.

Accounting does not record non-financial transactions because of

1. Continuity concept

2. Accrual concept

3. Money measurement concept

4. Cost concept

Q.

Which of the following is related with Money Measurement Concept ?

1. The transactions which cannot be expressed in form of money shall be recorded in the books.

2. None of these

3. All transactions shall be recorded in the books

4. The transactions which cannot be expressed in form of money shall not be recorded in the books.

Q.

Which of the following can be recorded in the books of account as per money measurement concept in accounting?

1. Effect on the organization due to elections in the country

2. The skills & competencies of the employees in the organization

3. Salaries expense & pension obligations payable to the employees

4. The cost of time devoted by the director for the organization at his home or on Sundays

Q.

Non-economic events are not recorded in the books of account. This is according to which concept?

1. Cost concept

2. Money Measurement

3. Credit

4. Going concern

Q.

Define accounting and state its objectives.

Q.

Human resources will not appear in the balance sheet according to ___ concept.

1. Accrual Concept

2. Going concern concept

3. Money measurement concept

4. None

Q. According to concept, only economic events are recorded in books of account

1. going concern
2. money measurement
3. business entity
4. prudence

Q.

Items are recorded only in terms of money. Those cannot be expressed in terms of money are not included in the books of accounts. Which concept does this comply with?

1. Business Entity

2. Money Measurement

3. Dual Aspect

4. Cost concept

Q.

What Is The Money Measurement Concept? Which One Factor Can Make It Difficult To Compare The Monetary Values Of One Year With The Monetary Values Of Another Year?

Q.

A firm receives an order for goods, but it would not be included in the sales figure. This is due to which concept?

1. Money Measurement

2. Matching

3. Business Entity

4. Consistency

Q. A firm receives an order for goods, but it would not be included in the sales figure. This is due to concept .

1. going concern
2. money measurement
3. business entity
4. matching

Q. Money measurement concept of accounting theory is based on the assumption that the value of money will____________.

1. Remain constant.
2. Fluctuate.
3. Decrease.
4. Group.

Q. Answer in One Sentence :

What is ‘Money Measurement Concept’?

Q. Explain the significance of the 'Unit of Account' function of money.

Q. According to the Money Measurement concept, the following will be recorded in the books of Accounts __________________.

1. Quality control in business
2. Commission payable to salesman
3. Extra profits made due to introduction of a budgetary control system
4. All of the above

Q. State whether the following statements are true or false :

A transaction is concerned with money or money’s worth.

Q. According to the Money measurement principle, which transactions are recorded:

1. Records all types of transactions and events.
2. None of the above
3. All monetary transactions
4. Non-monetary transactions

Q. appointment of an efficient a manager is not included in accounting records. why? State the relevant accounting principle