Recording the items on the financial statements in dollars is:
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 that all items on financial statements be expressed in a common unit of currency, typically the currency of the country in which the company operates. This ensures that financial statements are easily understood and comparable.

Recording the Items on the Financial Statements in Dollars Is