Why Did Many Countries Prefer to Be Paid in Currency

question 13

Essay

Why did many countries prefer to be paid in currency rather than in gold during the gold standard?

---

Definitions:

Gross Method

An accounting practice where discounts for prompt payments are not deducted from invoice amounts unless a payment is made within the discount period.

Vouchers Payable

Obligations or debts owed by a company for goods and services that have been received but not yet paid for.

Purchases Discount

A reduction in the price paid for goods, given for early payment according to the terms of purchase.

Voucher Register

A record-keeping system that logs all vouchers issued and paid by a business, detailing payments to suppliers and services.