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Measurement is vital aspect of accounting. Primarily transactions and events are measured in terms of money. According to Prof. R.J. Chambers ‘To measure is to assign numbers to objects and events according to rules specifying the property to be measured, the scale to be used and the dimension of the unit’.


On analyzing this definition, we can understand any measurement discipline deals with three basic elements of measurement

  • Identification of an object and the event to be measured
  • Selection of standard or scale to be measured
  • Evaluation of dimension of measurement standard or scale

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