what does measuring the identified transaction mean

There are numerous business activities that take place while carrying on a business such as sale of goods, payment of salary, hiring of staff, inspection of goods purchased, etc. It is not possible to record all the transactions by a business firm. In other words, only those transactions are recorded in the books that can be measured in terms of money. Thus, whenever a transaction takes place, it is first identified and then measured in terms of money for its recording the books of accounts. This whole process is regarded as measuring the identified transaction.

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