For Something to Serve as Money, It Must Be

question 496

Multiple Choice

For something to serve as money, it must be

• A) backed by the authority of the government.
• B) generally accepted by buyers and sellers.
• C) light, durable, and common.
• D) convertible to gold.

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Definitions:

Internal Control

Systems and processes put in place by a company to ensure the integrity of financial and accounting information, promote accountability, and prevent fraud.

Adequate Records

Maintaining sufficient and detailed financial documents to accurately capture a company's transactions, facilitating scrutiny, and ensuring compliance with laws and regulations.

Internal Control

A system of policies and procedures designed by management to safeguard company assets, ensure financial report accuracy, and comply with laws and regulations.

Clearly Establishing

The process of defining or setting precise boundaries, rules, or standards.