Identify a Difference Between Fiat Currencies and Cryptocurrencies

question 54

Multiple Choice

Identify a difference between fiat currencies and cryptocurrencies.

• A) Unlike cryptocurrencies, fiat currencies are electronic currencies monitored by distributed peer networks.
• B) Unlike cryptocurrencies, fiat currencies are not controlled by intermediaries.
• C) Unlike cryptocurrencies, fiat currencies have no physical form.
• D) Unlike cryptocurrencies, fiat currencies are declared to be legal tender by the government.

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Definitions:

Accounts Receivable

Amounts owed to a business by its customers for goods or services delivered but not yet paid for.

Journalize

The act of recording transactions in the journal as part of the accounting process.

Office Equipment

Tangible property like desks, computers, and machinery used in an office for operations.

Fair Market Value

The price at which an asset would change hands between a willing buyer and seller, both having reasonable knowledge of the relevant facts and neither being under any compulsion to buy or sell.