The Term "Near Monies" Refers to Which of the Following

question 148

Multiple Choice

The term "near monies" refers to which of the following? ​

• A) ​ Savings and small time deposits, which (unlike currency and checkable deposits) are not immediately available as money in a transaction.
• B) ​Mexican pesos and Canadian dollars - the money used by our nearest neighbors.
• C) ​ Counterfeit money that closely approximates the appearance of real money.
• D) ​None of the answers above are correct.

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Definitions:

FIFO Costing Assumption

An inventory valuation method that assumes the items purchased or produced first are sold first, thereby calculating the costs based on earliest prices.

Income Taxes

Taxes levied by governments on the income generated by individuals or businesses.

LIFO Assumption

A method of inventory valuation where the last items placed into inventory are the first ones to be used or sold.

Inventory Costing Method

A system used to assign costs to inventory and determine the cost of goods sold, examples include FIFO, LIFO, and weighted average.