A Checking Deposit Functions as

question 103

Multiple Choice

A checking deposit functions as

• A)a medium of exchange and as a store of value.
• B)a medium of exchange,but not as a store of value.
• C)a store of value,but not as a medium of exchange.
• D)neither a medium of exchange nor as a store of value.

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Definitions:

Revenues

The income generated from normal business operations and other activities.

Business Documents

Written records that provide evidence of business transactions, agreements, and other business activities.

Ledger Accounts

Records within a ledger that show all the financial transactions of a specific account, summarized.

Book of Original Entry

It is the initial record where financial transactions are documented in the accounting system.