Recording the items on the financial statements in dollars is done because of the:
A)Objectivity principle
B)Monetary unit principle
C)Revenue recognition principle
D)Going-concern principle
E)Cost principle

Question

Quizplus · Accepted Answer

The monetary unit principle requires financial statements to be recorded in a common unit of measure, which in most cases is the dollar. This means that only transactions that can be expressed in monetary terms are recorded in the financial statements.

Recording the Items on the Financial Statements in Dollars Is