Serving as a _____ Is a Function of Money That

question 152

Multiple Choice

Serving as a _____ is a function of money that provides a yardstick by which people can measure and compare the values of a wide variety of goods and services.

• A) medium of exchange
• B) unit of account
• C) store of value
• D) medium of interaction

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Definitions:

U.S. GAAP

Generally Accepted Accounting Principles in the United States, a framework of accounting standards, principles, and procedures used in compiling financial statements.

LIFO Method

"Last In, First Out," an inventory accounting method where the most recently acquired items are assumed to be sold first.

Journal Entries

The individual records of financial transactions in a company's accounting system.

Cost of Goods Sold

An accounting term for the direct expenses related to producing the goods sold by a company, including materials and labor.