Which of these underlying assumptions for the conceptual framework is the reason why the dollar is used when preparing financial statements?

Question

Quizplus · Accepted Answer

The monetary unit assumption states that financial transactions should be recorded in a common monetary unit, and the dollar is commonly used in the United States. Therefore, the reason why the dollar is used when preparing financial statements is due to the monetary unit assumption.

Which of These Underlying Assumptions for the Conceptual Framework Is