If There Are Four Goods in a Barter Economy,then One

question 74

Multiple Choice

If there are four goods in a barter economy,then one needs to know ________ prices in order to exchange one good for another.

• A)8
• B)6
• C)5
• D)4

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Definitions:

Accounts Payable

Liabilities of a business that are due to suppliers and creditors for goods, services, or supplies purchased on credit but not yet paid for.

Restricted Fund Method

An accounting approach used for reporting funds that have restrictions placed on them by donors or grantors.

Deferral Method

An accounting technique that postpones the recognition of income or expenses until a future date.

Revenue Level

The total amount of income generated from the sale of goods or services before any costs or expenses are deducted.