The Key Property of Money Is That It Is

question 15

Multiple Choice

The key property of money is that it is:

• A)always desired.
• B)fluent.
• C)liquid.
• D)expensive.
• E)not needed.

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Definitions:

IFRS

International Financial Reporting Standards; a set of accounting standards developed by the International Accounting Standards Board (IASB) that guide the preparation of financial statements globally.

Beginning Inventory

The value of all goods available for sale at the start of an accounting period.

Net Income

The net income of a business following the subtraction of all costs, taxes, and operational expenses from its revenue.

Straight-Line Depreciation

A method of allocating an asset's cost evenly over its useful life, resulting in a constant annual expense.