Stores Need Not Accept Your Check but Must Accept Currency

question 108

Multiple Choice

Stores need not accept your check but must accept currency because:

• A)currency is backed by gold.
• B)checks are not money but currency is.
• C)currency is legal tender,but checks are not.
• D)currency is easier to handle.
• E)currency is a medium of exchange,but checks are not.

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Definitions:

Permanent/Temporary

Describes assets, accounts, or differences; where permanent refers to lasting or intended to last indefinitely, and temporary indicates a limited time duration.

Financial Statement

Documents that provide an overview of a company's financial condition, including the balance sheet, income statement, and cash flow statement.

Direct Labor

Direct Labor consists of the wages or salaries paid to employees directly involved in the production of goods or services, representing a variable cost.

Work-In-Process Ending Inventory

The total value of all partially completed goods or products at the end of an accounting period.