MONETARY ASSETS Definition

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MONETARY ASSETS are measured at their collectible amounts, while nonmonetary assets are measured at historical costs.

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BRITISH-AMERICAN MODEL is an accounting model. There are other accounting systems which differ from the U.S. accounting model. U.S. GAAP and FASB standards are not the only accounting principles used internationally; for example, many countries reverse the U.S. debit and credit system. Many countries with high rates of inflation account for inflation in financial reports much more than the U.S. does. Also, for any company operating internationally there is the currency exchange translation problem when consolidating financial statements.

PURCHASE MONEY AGREEMENT is an agreement under which a person pledges the property or item bought as security.

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