Which of the following underlying assumptions for the conceptual framework is the reason the dollar is used in the preparation of financial statements?
A)Economic Entity
B)Continuity
C)Time-Period
D)Monetary Unit

Question

Quizplus · Accepted Answer

The use of the monetary unit assumption in the conceptual framework assumes that financial statements should be prepared in a single, stable currency. In practice, this means that the dollar (or another stable currency) is used as the unit of account in financial statements.

Which of the Following Underlying Assumptions for the Conceptual Framework