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Question
Assertion :Money measurement concept is indispensable. Reason: It is the common denominator for recording diverse transactions in the books of accounts.
Assertion :Money measurement concept is indispensable. Reason: It is the common denominator for recording diverse transactions in the books of accounts.
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Solution
The correct option is A Both Assertion and Reason are correct and Reason is the correct explanation for Assertion.
The fundamental concept of accounting which is money measurement states that all accounting transactions must be measured in terms of money only. It is the basis for recording transactions at a certain amount. Hence, both assertion and resaon are correct.
The fundamental concept of accounting which is money measurement states that all accounting transactions must be measured in terms of money only. It is the basis for recording transactions at a certain amount. Hence, both assertion and resaon are correct.
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