CameraIcon

SearchIcon

MyQuestionIcon

1

You visited us 1 times! Enjoying our articles? Unlock Full Access!

Functions of Money

Book keeping ...

Question

Book keeping records monetary transactions only.

A

True

Right on! Give the BNAT exam to get a 100% scholarship for BYJUS courses

B

False

No worries! We‘ve got your back. Try BYJU‘S free classes today!

Open in App

Solution

The correct option is A True
The money measurement concept says that only those transactions are recorded in the books of account which has the monetary value.
Therefore only transactions that have the monetary value to be recorded in books.
If there is money, there is accounting. No Money No accounting.

Suggest Corrections

thumbs-up

1

Similar questions

State true of false :

In Book - keeping & accountancy non- monetary transactions are also recorded.

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

In Book-keeping & Accountancy non-monetary transactions are also recorded.

Q. ____________ is an accounting concept states that only monetary transactions are recorded in the books of accounts.

Q. ____________ is used by business entities for keeping records of their monetary or financial transactions.

Q. A statement of book-keeping which records only one aspect of business transactions and ignores other aspects is known as ________________.

View More

Join BYJU'S Learning Program

similar_icon

Related Videos

lock

Functions of Money

ECONOMICS

Watch in App

explore_more_icon

Explore more

Functions of Money

Standard XII Economics

Join BYJU'S Learning Program

CrossIcon