Recently,two friends in Australia combined their monetary resources and formed a business.Regardless of the form of the business,the transaction of the business should be recorded in terms of Australian dollars,because of the: A.Entity Concept B.Dual effect of transactions C.Historical Cost Principle D.Monetary Unit Concept E.Going Concern Principle

Recently,two friends in Australia combined their monetary resources and formed a business.Regardless of the form of the business,the transaction of the business should be recorded in terms of Australian dollars,because of the: A.Entity Concept B.Dual effect of transactions C.Historical Cost Principle D.Monetary Unit Concept E.Going Concern Principle

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 3MC: The system of using a monetary unit, such as the US dollar, to value the transaction is known as...

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