nonmonetary item

Dictionary of Accounting Terms for: nonmonetary item
nonmonetary item

item stated in olderdollars and therefore requiring direct adjustment in the price-level financial statements. It is any financial statement item that is not classified as a monetary itemExamples of nonmonetary assets are land, buildings, and autos. Nonmonetary liabilities are obligations not payable in money, such as those payable in services (i.e., warranties payable) or those that will adjust an expense (i.e., deferred income tax credit). Stockholders’ equity accounts are also considered nonmonetary. Examples of nonmonetary income statement accounts are depreciation and amortization.

Dictionary of Business Terms for: nonmonetary item
nonmonetary item

item stated in older dollars and therefore requiring direct adjustment in the price-level financial statements. It is any financial statement item that is not classified as a monetary item.

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