Camels Have Been Used as Money

question 388

Multiple Choice

Camels have been used as money. Which function of money would this type of money perform least well?

• A) medium of exchange
• B) unit of accounting
• C) store of value
• D) standard of deferred payment

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Definitions:

Sales Returns

are goods returned by customers to the seller for a refund or credit, representing a reversal of sales previously recorded.

Journal Entry

A record in the books of accounts that reflects the details of a financial transaction, including the accounts affected, date, and amounts.

Gross Accounts Receivable Approach

A method that estimates the total amount to be received from customers, without deducting expected bad debts.

Unadjusted Year End

The fiscal year-end date prior to any adjustments made for accounting purposes.