All of Team Shirts' financial statements are presented in U.S.dollars.The accounting rule that applies is the ________.
A)separate-entity assumption
B)going-concern assumption
C)monetary-unit assumption
D)historical-cost principle

Question

Quizplus · Accepted Answer

The monetary-unit assumption assumes that financial transactions are measured and reported in the currency of a country. In this case, Team Shirts' financial statements are presented in U.S. dollars, which demonstrates the application of the monetary-unit assumption.

All of Team Shirts' Financial Statements Are Presented in U