Which of the Point(s) Below Is (Are) True of Money

question 11

Multiple Choice

Which of the point(s) below is (are) true of money?
i. Money eliminated the need for barter.
ii. Money allowed for specialization of labour and expansion of trade.
iii. Money allowed for the development of a market economy.
iv. Money allowed one to save current production for future use.

• A) Only i).
• B) Only i) and ii).
• C) Only i) and iv).
• D) Only i), ii), and iv).
• E) All of the points are true.

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Definitions:

Accumulated Depreciation

The total amount of depreciation expense allocated to an asset since it was put into use.

Fully Depreciated

A condition where a fixed asset has reached the end of its useful life and its book value is reduced to salvage value or zero.

No Gain

A financial situation where a transaction does not result in any profit to the party involved.

Revaluation Model

An accounting method that allows assets to be carried at a revalued amount, reflecting current values rather than historical cost, with adjustments made to the assets' carrying amount on the balance sheet.