As of August 2016,the Value of Currency in Circulation Was

question 33

Multiple Choice

As of August 2016,the value of currency in circulation was about

• A) $1.1 billion.
• B) $24 billion.
• C) $1.4 trillion.
• D) $44 trillion.

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Definitions:

Work in Process

Inventory consisting of items that are in the stages of being processed into finished goods but are not yet complete.

Weighted-Average Method

An inventory costing method that assigns a weighted average cost to each unit in inventory, calculated after each inventory purchase.

Equivalent Units

A concept in cost accounting used to allocate costs to partially completed goods, expressed in terms of fully completed units.