Paper Currency That Has Been Declared Legal Tender but Is

question 50

Multiple Choice

Paper currency that has been declared legal tender but is not convertible into coins or precious metals is called ________ money.

• A)commodity
• B)fiat
• C)electronic
• D)funny

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Definitions:

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries are made, used to prepare financial statements and ensure the ledger accounts are balanced.

Current Assets

Assets that a company expects to convert to cash or use up within one year or the operating cycle, whichever is longer.

Property, Plant, and Equipment

Long-term or relatively permanent tangible assets such as equipment, machinery, and buildings that are used in normal business operations.

Adjusted Trial Balance

A financial report that lists all accounts and their balances after adjustments, used to verify the equality of debits and credits after adjustments.