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16 June, 12:21

Which Generally Accepted Accounting Principle states that ""A stable currency is going to be the unit of record""?

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  1. 16 June, 12:46
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    The monetary unit principle states that "A stable currency is going to be the unit of record".

    Explanation:

    One of the important generally accepted accounting principles is the Monetary unit principle. This principle states that record those business dealings that can be conveyed in terms of a currency. This means anything that cannot be quantified should not be recorded a businesses transactions. The non-quantifiable items include customer service, motivation, management skills, etc. Over time, money has been used as a stable form of currency in accounting.
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