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Non monetary transactions are not recorded …

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Non monetary transactions are not recorded in the books of accounts. Explain

Posted by Karishma Kanojiya 5 years, 3 months ago

CBSE > Class 11 > Accountancy

1 answers

Yogita Ingle 5 years, 3 months ago

Non monetary transaction are not recorded in book of accounts. For example, the skill level of the human resource an organisation possess.
The same is not recorded because it can be measured. It is intangible and just cant be measured or valued.
For recording anything in accounts you need to report it in monetary terms which is not possible in case of non-monetary transactions.

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