BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -What is the Money Measurement Concept? The money measurement concept states that a business should only record an accounting transaction if it can be expressed in terms of money. This means that the focus of accounting transactions is on quantitative information, rather than on qualitative information.

Detailed explanation-2: -The money measurement concept (also called monetary measurement concept) underlines the fact that in accounting and economics generally, every recorded event or transaction is measured in terms of money, the local currency monetary unit of measure.

Detailed explanation-3: -Money measurement concept is also known as Measurability Concept, which states that during the recording of any financial transactions, those transactions should not be recorded which cannot be expressed in terms of monetary value.

Detailed explanation-4: -Dual aspect concept is also described as the duality principle. This concept explains that if something is given, someone will receive it. This can be explained as whenever a transaction occurs, there is a two-sided effect, one is credit, and the other is debit for a similar amount.