Monetary unit assumption: It is the concept of accounting that assumes that the events which have a monetary value are the only events that should be recorded in the books of accounts. To Explain: The events which will be recorded in the accounting records.

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Chapter 1, Problem 15Q

To determine

Monetary unit assumption: It is the concept of accounting that assumes that the events which have a monetary value are the only events that should be recorded in the books of accounts.

To Explain: The events which will be recorded in the accounting records.

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