Currency Held by the Nonbanking Public Is a Medium of Exchange

question 148

True/False

Currency held by the nonbanking public is a medium of exchange.

---

Definitions:

Account

An arrangement by which an individual or entity keeps track of their financial transactions and positions with another entity.

Accounting Records

Documents that businesses use to track their financial transactions and maintain financial accountability.

Journal

A record where all financial transactions are initially noted before they are posted to individual accounts in the ledger.

Revenues

The total amount of money received by a company for goods sold or services provided during a specific period.