Which of the following concepts requires that economic data be recorded in dollars in the United States?

a. Business entity conceptb. Unit of measure conceptc. Objectivity conceptd. Cost concept

Unit of measure concept

Explanation:

The definition for a unit of measure refers to a common principle used throughout accounting, whereby all activities should be reported uniformly using the same currency. For instance, a business that holds its documents in just the U. S. will report its whole dealings in U. S. dollars, whereas a German company will report all its payments in euros.

If a transaction includes transactions or transfers in another currency, the sum is translated until being registered to the domestic currency utilized by an entity. Without a specific standard unit, financial reports will be impossible to generate.

Unit of measure concept