What Is Monetary Concept?


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Sendi Heng answered
Monetary Concept which is used in accounting means that only transactions which can be measured in "Money Terms" are recorded .  - transactions are recorded using the local currency of the country where the financial statements are prepared .    ( i.e money terms such as credit card, debit card or transfer )  For clearer explanations on Money terms refer to  atlanta.thebeehive.org/money/manage-your-money/common-money-  .

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