Question

The unit of measure assumption states that:
a) assets should be recorded at cost.
b) assets equal liabilities plus stockholder's equity.
c) results of business activities should be reported in an appropriate monetary unit.
d) a business's financial reports include only the activities of the business.

Answer 1

Answer:

c) results of business activities should be reported in an appropriate monetary unit.

Explanation:

The unit of measure concept is a standard convention used in accounting, under which all transactions must be consistently recorded using the same currency so the periods are comparable.