In Theory,any Object ________ Could Play the Role of Fiat

question 69

Multiple Choice

In theory,any object ________ could play the role of fiat money.

• A) that has an unlimited demand
• B) for which demand is limited
• C) in unlimited supply
• D) in limited supply

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Definitions:

Closing Entries

These are journal entries made at the end of an accounting period to transfer the balances of temporary accounts to permanent accounts and prepare the company's books for the next period.

Permanent Accounts

These are balance sheet accounts whose balances are carried over to the next accounting period, such as assets, liabilities, and equity accounts.

Income Summary Account

A temporary account used in accounting to transfer the sums of revenues and expenses at the end of an accounting period.

Dividends Declared Account

An account used to record the amount of dividends that a company's board of directors has decided to distribute to its shareholders.