what is the definiton for monitary convention? (accounting)?

Answer 1

Here are 2 explanations:

MONETARY UNIT ASSUMPTION: This significance of this assumption is easily taken for granted. It means that accounting measures transactions and events in units of money. To understand the impact of the monetary unit assumption, think about your personal car for a moment. In your mind, how did you visualize it -- as a dollar amount, or by model, age, mileage, functionality, etc.? Stated differently, if someone asked me what I drive, I would not say $10,000; I would simply report the make and model of my vehicle. However, accounting purports to measure all things in units of money. This solution overcomes the problems that would arise by mixing measures in the financial statements (e.g., imagine the confusion of combining acres of land, cash in bank, square feet of buildings, etc.). The monetary unit assumption is core and essential to the double-entry, self-balancing accounting model.

The monetary unit assumption states that only transaction data capable of being expressed in terms of money should be included in the accounting records of the economic entity.
Also assumes unit of measure ($) remains sufficiently stable over time. Ignores inflationary and deflationary effects.

Answer 2

Monetary Unit Assumption Definition

Answer 3

Please have some integrity and do your own homework.