Which of the Following Best Illustrates the Unit of Account

question 126

Multiple Choice

Which of the following best illustrates the unit of account function of money?

• A)You list prices for candy sold on your website, www.sweettooth.com, in dollars.
• B)You pay for your NHL tickets with dollars.
• C)You keep $10 in your backpack for emergencies.
• D)You sell a used copy of your textbook for $40.

Identify and classify different types of expenses and losses.

Understand the composition and calculation of net income.

Recognize how inventory is classified in financial statements.

Calculate cost of goods sold and understand its impact on gross profit.

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Definitions:

Contributory Negligence

A legal doctrine where the plaintiff's own negligence partially caused or contributed to their harm, potentially reducing or barring their compensation.

Comparative Negligence

A legal doctrine that allocates damages based on the proportional fault of each party involved in an accident, allowing for partial financial recovery based on degree of fault.

Last Clear Chance

A doctrine in tort law that allows a plaintiff to recover damages even if they were partially at fault, if the defendant had the final opportunity to avoid the harm but failed to do so.

Strict Liability

A legal doctrine in tort law that makes a person or entity responsible for damages or harm caused, regardless of negligence or fault.