Money measurement concept

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cpt
22 Points Posted on 03 May 2016

What is meant by the bold words in context of lines ?

  • The monetary unit though an inelastic yardstick , remains indispensable tool of accounting

 

  • While trading , if a businessman sells goods worth rs.10 lakh at home and goods worth 1000$ in USA .These aren't amenable to even arithmetic treatment . So transactions are to be recorded at uniform monetary unit i.e. in one currency .

 

Thank you !

 

 

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On 03 May 2016 at 22:25 Report
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22 Points Posted on 27 October 2020

1. It means money ignores the concept of inflation 

2. It means that the both values are in different currencies, hence they cannot be simply added 

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On 27 October 2020 at 22:22

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