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Accounting as a Measurement Discipline

  • Accounting information measures performance of a business entity by way of profit or loss and shows its financial position. Thus, measurement is an important part of accounting discipline. Accounting is not an exact measurement discipline because accounting measures information mostly in terms of money which is not a stable scale, does not have universal applicability, is not stable in dimension for comparison over time.

    As measurement is an important part of accounting discipline, a set of theorems which govern the measurement system such as going concern, consistency and accrual concept should be carefully understood.

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