The monetary unit accounting assumption states that financial statement elements should be measured in terms of the United States dollar for U.S. financial reporting.
What is financial?
The term financial refers to borrowing money to go through tough times, saving money, and investing money. Finance is the provision of funds for credit against anything.
The financial statement elements can be the measured in the in terms of the United States dollar for U.S. financial transaction as the measured in the monetary unit accounting.
As a result, the monetary unit accounting assumption states that financial statement.
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