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Business Studies

Appraisal, Promotion and Compensation

Accounting re...

Question

Accounting records only those transactions and events which are of -
X. Social character
Y. Financial character
Select the correct answer from the options given below:

A

X only

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B

Y only

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C

Both X and Y

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D

None of above

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Solution

The correct option is B Y only
Money Measurement Concept states that Accounting shall records only those transactions and events which are of financial character i.e,. can be measured in money.
Social character transactions and events cannot be recorded.

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