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22 September, 20:09

Which accounting concept requires that the value of economic data be recorded in dollars?

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  1. 22 September, 20:57
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    Unit of measure concept

    Explanation:

    In accounting, there is a standard convention that stipulates that all transactions must be consistently recorded using the same currency, in the case the dollars. This is what is known as the unit of measure concept.

    In a case or cases where there are transactions that are carried out in currencies other than the USD, what is done is that there is a conversion between the values in the other currency and in the USD.

    It is essential that there is a consistency in the unit of measurement as an absence in consistency would make it difficult for financial statements to be produced
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