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:

Double-declining-balance Method

An accelerated depreciation method that doubles the regular depreciation rate, allowing faster write-off of asset value.

Straight-line Method

Straight-line Method is a depreciation technique that allocates an equal amount of depreciation expense for an asset over its useful life, representing a consistent annual charge.

Book Value

Book value refers to the net value of an asset calculated as the original cost minus any depreciation, amortization, or impairment costs.

Estimated Salvage Value

A rephrased definition: The anticipated remainder value of an asset after its period of use has concluded.