The Unit of Measure Concept

question 58

Multiple Choice

The unit of measure concept

• A) is only used in the financial statements of manufacturing companies
• B) is not important when applying the cost concept
• C) requires that different units be used for assets and liabilities
• D) requires that economic data be reported in yen in Japan or dollars in the United States

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Definitions:

Lochner V. New York

A landmark U.S. Supreme Court case from 1905 that struck down a New York law setting maximum working hours, ruling it as an unconstitutional interference with individual freedom of contract.

Right Of Contract

The legal ability of individuals or entities to enter into binding agreements without coercion or undue influence.

Individual Freedom

The liberty of an individual to act, speak, or think as one desires without hindrance or restraint, within the limits of law.

Federal Assistance

Financial or material support provided by the federal government to individuals, organizations, or state and local governments.