Measurement focus refers to those items, such as current and long-term assets, that are being reported on the financial statements.

Question

Quizplus · Accepted Answer

Measurement focus refers to what items are being reported in the financial statements. An economic resource measurement focus measures both current and long-term assets and liabilities and is the measurement focus used by commercial businesses. Current financial resources measurement focus measures the extent to which financial resources obtained during a period are sufficient to cover claims incurred during that period against financial resources and the net financial resources available for future periods.

Measurement Focus Refers to Those Items, Such as Current and Long-Term