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Only transactions which can be measured in monetary value should be recognized in the financial statements. (True or False)?

Major Accounts MBA Finance Accounting Tax Accounting Finance
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Question added by Khaled Mohee Eldeen Abbas Mahmoud , Chartered Accountant # 10465 , Self-employed
Date Posted: 2014/07/23
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Malik Amin Muhammad Khan
by Malik Amin Muhammad Khan , Director Finance and Money Market Dealer , Pakistan Currency Exchange Pvt Lt; Franchise Dollar Shop

In financial statements, only transactions involving monetary value should be recorded.

Asad zaman
by Asad zaman , Audit/Finance , Rafaqat Baber and co

TRUE.. But certain transections also needs to be disclosed in Notes to financial statement in order to give true and fair view, I.e. Contingent liability

Divyesh Patel
by Divyesh Patel , Assistant Professional Officer- Treasury , City Of Cape Town

True

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