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Accuracy and Precision

Non-monetary ...

Question

Non-monetary events like, death, dispute, sentiments, efficiency etc. are _______ in the books, even though these may have a great effect.

A

Not recorded

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B

Recorded

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C

Recorded if suggested by external auditors

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D

Recorded if suggested by internal auditors

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Solution

The correct option is A Not recorded
As per Money Measurement Concept only those transactions shall be recorded in the books of accounts which can be measured in terms of money. Therefore, non monetary events and transactions are not recorded in the books of books.

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