The concept that mandates that businesses use a common unit in accounting for their transactions is the
A) accounting period concept.
B) historical cost principle.
C) unit of measurement concept.
D) going concern assumption.
E) revenue recognition rule.

Question

Quizplus · Accepted Answer

The unit of measurement concept in accounting states that all transactions should be recorded in a single consistent currency. This allows for the uniform measurement and comparison of financial information.

The Concept That Mandates That Businesses Use a Common Unit