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23 October, 23:18

Which of the following concepts requires that economic data be recorded in dollars in the United States?

a. Business entity conceptb. Unit of measure conceptc. Objectivity conceptd. Cost concept

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Answers (2)
  1. 23 October, 23:32
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    Unit of measure concept
  2. 23 October, 23:38
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    Unit of measure concept

    Explanation:

    The definition for a unit of measure refers to a common principle used throughout accounting, whereby all activities should be reported uniformly using the same currency. For instance, a business that holds its documents in just the U. S. will report its whole dealings in U. S. dollars, whereas a German company will report all its payments in euros.

    If a transaction includes transactions or transfers in another currency, the sum is translated until being registered to the domestic currency utilized by an entity. Without a specific standard unit, financial reports will be impossible to generate.
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