💰 Money Measurement Concept
The Money Measurement Concept in accounting states that only those transactions and events which can be measured in terms of money are recorded in the books of accounts.
🔑 Key Points:
- Qualitative aspects like employee skill, management efficiency, or brand reputation cannot be recorded, as they can’t be expressed in monetary terms.
- It helps in maintaining uniformity and comparability in financial statements.
- Non-monetary items, although important, are ignored in accounting records.
📌 Example:
If a company hires a highly skilled CEO, it is a significant event, but since the skill cannot be quantified in money, it is not recorded in the books.
🧠 Why Important?
It ensures that accounting records remain objective, measurable, and standardized.
The Money Measurement Concept in accounting states that only those transactions and events which can be measured in terms of money are recorded in the books of accounts.
🔑 Key Points:
- Qualitative aspects like employee skill, management efficiency, or brand reputation cannot be recorded, as they can’t be expressed in monetary terms.
- It helps in maintaining uniformity and comparability in financial statements.
- Non-monetary items, although important, are ignored in accounting records.
📌 Example:
If a company hires a highly skilled CEO, it is a significant event, but since the skill cannot be quantified in money, it is not recorded in the books.
🧠 Why Important?
It ensures that accounting records remain objective, measurable, and standardized.
﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌
✧'*Quantitative Aptitude: Permutation and Combination -2*'✧
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✧'*Quantitative Aptitude: Permutation and Combination -2*'✧
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✧'*Accounting: Issue, Forfeiture & ReissueIssue of Debentures | Practice Session -13*'✧
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✧'*Accounting: Issue, Forfeiture & ReissueIssue of Debentures | Practice Session -13*'✧
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Q1. A minor enters into a contract for purchasing goods for personal use. The contract is:
Anonymous Quiz
52%
A. Void
19%
B. Valid
14%
C. Voidable at the option of the seller
15%
D. Enforceable with guardian’s consent
Q2. Which of the following is an example of a formal report?
Anonymous Quiz
31%
A. Leave application
48%
B. Monthly performance summary for stakeholders
11%
C. A thank-you email
10%
D. Personal resume
Q3. If the cross elasticity of demand between two goods is positive, it means:
Anonymous Quiz
40%
A. They are complementary goods
49%
B. They are substitutes
5%
C. They are unrelated goods
6%
D. One is a necessity and the other is a luxury
Q4. A firm purchased machinery on 1st July, 2022 for ₹2,00,000. On 1st October, 2024, a part of the machinery purchased on 1st July, 2022 costing ₹50,000 was sold for ₹30,000. Depreciation is charged @10% p.a. on Written Down Value (WDV) basis. What will
Anonymous Quiz
19%
A. ₹16,000
40%
B. ₹15,000
32%
C. ₹20,000
9%
D. ₹17,000
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✧'*Business Laws: The Sale of Good Act, 1930*'✧
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✧'*Business Laws: The Sale of Good Act, 1930*'✧
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Hello, Students! 🌟 *You're invited!* 🎉
For the grand launch of the *PW SuperClass Centre*—*Patna*! 🎉
📅 Date: April 20th, 2025
📍 Venue: Darbari Govind Complex, 1st Floor, West Boring Road, Canal Rd., Patna – 800001
Join us for an unforgettable day with:
✨ Faculty Interactions | 📘A peek into the learning space | 🎉 Big *surprises* |
🎁 *Free Refreshments* | 🤝 Chance to meet *Nitin Goel Sir* & *Much More*……
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Launch Offer: *UP TO 50% Off*🥳
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https://forms.gle/6cJAH5hy9dTZaSw1A
For the grand launch of the *PW SuperClass Centre*—*Patna*! 🎉
📅 Date: April 20th, 2025
📍 Venue: Darbari Govind Complex, 1st Floor, West Boring Road, Canal Rd., Patna – 800001
Join us for an unforgettable day with:
✨ Faculty Interactions | 📘A peek into the learning space | 🎉 Big *surprises* |
🎁 *Free Refreshments* | 🤝 Chance to meet *Nitin Goel Sir* & *Much More*……
🎓 UP TO *100% Scholarship* + *🎉 Demo Classes Are Available*
Launch Offer: *UP TO 50% Off*🥳
🔥 Limited seats —Don’t miss out!
📝 Fill the form now 👇
https://forms.gle/6cJAH5hy9dTZaSw1A
﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌
✧'*Accounting: Redemption of Debentures | Practice Session -14*'✧
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✧'*Accounting: Redemption of Debentures | Practice Session -14*'✧
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✧'*Business Laws: The Indian Contract Act, 1872 (UNIT 1-3)*'✧
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✧'*Business Laws: The Indian Contract Act, 1872 (UNIT 1-3)*'✧
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✧'*Quantitative Aptitude: Probability -1*'✧
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✧'*Quantitative Aptitude: Probability -1*'✧
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✧'*Accounting: Bonus & Right Issue | Practice Session -15*'✧
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✧'*Accounting: Bonus & Right Issue | Practice Session -15*'✧
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✧'*Quantitative Aptitude: Probability -2*'✧
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✧'*Quantitative Aptitude: Probability -2*'✧
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✧'*Accounting: Redemption of Preference Share | Practice Session -16*'✧
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✧'*Accounting: Redemption of Preference Share | Practice Session -16*'✧
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Topic: Accounting Equation
📘 Short Note:
The Accounting Equation is the foundation of double-entry bookkeeping. It represents the relationship between assets, liabilities, and capital. The equation is:
🔹 Assets = Liabilities + Capital
This equation must always be balanced and helps in ensuring the accuracy of financial statements. Every transaction affects at least two accounts, keeping the equation in balance. For example, purchasing inventory for cash decreases cash (asset) and increases inventory (asset) — the overall value of assets remains unchanged.
Understanding and applying the accounting equation is crucial in preparing journals, ledgers, and final accounts.
✅ Why it’s important for exams?
- Forms the base of journal entries
- Frequently tested in practical questions
- Core concept in financial accounting
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📘 Short Note:
The Accounting Equation is the foundation of double-entry bookkeeping. It represents the relationship between assets, liabilities, and capital. The equation is:
🔹 Assets = Liabilities + Capital
This equation must always be balanced and helps in ensuring the accuracy of financial statements. Every transaction affects at least two accounts, keeping the equation in balance. For example, purchasing inventory for cash decreases cash (asset) and increases inventory (asset) — the overall value of assets remains unchanged.
Understanding and applying the accounting equation is crucial in preparing journals, ledgers, and final accounts.
✅ Why it’s important for exams?
- Forms the base of journal entries
- Frequently tested in practical questions
- Core concept in financial accounting
🔗Join us for daily updates
Join our discussion group
﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌
✧'*Quantitative Aptitude: Probability -2*'✧
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✧'*Quantitative Aptitude: Probability -2*'✧
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"Tough roads lead to beautiful destinations — and CA is one of them. Stay focused, stay consistent, and your efforts will turn into success!" 💪📚✨
📜⚖️ Real Life Case Study: Bombay Burma Trading Corporation Ltd. vs. Aga Muhammad ⚖️📜
🚂🪵 Timber was purchased specifically to be used as railway sleepers. When it was discovered to be unfit for this purpose, the Court held that the contract could be avoided. ⚖️❌
This landmark case highlights the importance of fulfilling the express purpose in contracts. 📚🔍
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🚂🪵 Timber was purchased specifically to be used as railway sleepers. When it was discovered to be unfit for this purpose, the Court held that the contract could be avoided. ⚖️❌
This landmark case highlights the importance of fulfilling the express purpose in contracts. 📚🔍
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﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌﹌
✧'*Business Laws: The Indian Contract Act, 1872 (UNIT 2-5-6)*'✧
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✧'*Business Laws: The Indian Contract Act, 1872 (UNIT 2-5-6)*'✧
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