Question

The monetary unit assumption: Multiple Choice Means that accounting information reflects a presumption that the business will continue operating instead of being closed or sold. Means that we can express transactions and events in monetary, or money, units. Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods. Means that a business is accounted for separately from other business entities, including its owner. Prescribes that a company record the expenses it incurred to generate the revenue reported.

Answer 1

The monetary unit assumption means that accounting transactions and events are expressed in monetary units, acting as a unit of account to measure values.

Step-by-step explanation:

The monetary unit assumption in accounting means that we can express transactions and events in monetary, or money, units. This accounting principle enables companies to account for their affairs because money acts as a common denominator, simplifying the process of recording transactions and measuring value consistently. In simpler terms, it means that money serves as a unit of account, which provides a standard for measuring and comparing economic values within an economy.

Answer 2

Means that we can express transactions and events in monetary, or money, units.

Step-by-step explanation:

monetary unit assumption: Means that we can express transactions and events in monetary, or money, units.

Going concern assumption - accounting information reflects a presumption that the business will continue operating instead of being closed or sold.

Time period assumption - Presumes that the life of a company can be divided into time periods, such as months and years, and that useful reports can be prepared for those periods.

Business entity assumption - Means that a business is accounted for separately from other business entities, including its owner

Matching principle - Prescribes that a company record the expenses it incurred to generate the revenue reported.