passwella.
Menu

WAEC Financial Accounting 2024 Question 3

Question 3

Accounting Concepts and Conventions

The concept which assumes that transactions should be expressed using a common denominator is

  1. A.historical cost concept.
  2. B.money measurement concept.
  3. C.materiality concept.
  4. D.consistency concept.
Show the answer and explanation

Answer: B (money measurement concept.)

Explanation

Money measurement says only items expressed in money (the common unit) are recorded.