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    Question

    Which one of the following accounting concepts is

    applied by an entity, when events such as new competitor entering in the market and rift between production and marketing departments are not disclosed in the books of accounts?
    A Matching Correct Answer Incorrect Answer
    B Money Measurement Correct Answer Incorrect Answer
    C Revenue Recognition Correct Answer Incorrect Answer
    D Cost Correct Answer Incorrect Answer

    Solution

    The Money Measurement Concept is a fundamental accounting principle that states that only transactions that can be expressed in monetary terms should be recorded in the financial statements.

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