Does the principle of Money Measurement only state that all transactions should be monetory (quantitative) and should be recorded in the same currency of money?
Yes, according to the Money Measurement Concept, only those events are recorded in the books of account to which money value can be attached, i.e. which can be expressed in the monetary terms. These transactions are recorded in the currency of a particular country, say Rupee, Dollar, etc. In our country, all monetary transactions are recorded in terms of Rupees.
It is important to note that all such transactions should be expressed in the same currency, so as to make the financial data comparable and understandable.
For example, purchase of Machinery is expressed in monetary terms of say Rs 10,000 and thereby can be recorded in the books of account with Rs 10,000. On the other hand, loyalty and hard work of an employee cannot be expressed in monetary terms, thus cannot be recorded in the books of accounts.