MONEY MEASUREMENT CONCEPT Definition

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MONEY MEASUREMENT CONCEPT stipulates that all business transactions must be expressed in money terms, i.e., if something cannot be measured in money; it will not be included in accounting books.

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PROBABILITY PROPORTIONAL TO SIZE SAMPLING (PPS) is a sampling plan that bases the likelihood of selecting a particular account on the relative size of that account, so larger accounts have a greater probability of being selected for the sample than smaller accounts. Also known as dollar unit.

MEDIAN is the value of the midpoint variable when the data are arranged in ascending or descending order.

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