WAEC Accounting 2024 Objective — Question 3
Question 3 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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The concept which assumes that transactions should be expressed using a common denominator is
- A. historical cost concept
- B. money measurement conceptCorrect
- C. materiality concept
- D. consistency concept
Explanation
The money measurement concept requires that all transactions be expressed in a common monetary unit.
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