What is the level at which an asset or a liability is aggregated or disaggregated for recognition purposes?
A) Transaction
B) Unit of account
C) Balance Sheet
D) Corporate

Question

Quizplus · Accepted Answer

The unit of account is the level at which an asset or a liability is aggregated or disaggregated for recognition purposes. This refers to the specific measurement or calculation used to express an asset or liability in financial statements. Examples include individual items, groups of similar items, or entire classes of assets or liabilities. The correct answer is B, unit of account.

What Is the Level at Which an Asset or a Liability