"Barter" Implies That

question 95

Multiple Choice

"Barter" implies that

• A) to get one good or service,an individual offers another.
• B) to get one good or service,an individual offers money.
• C) to get a check,an individual offers a good or service.
• D) different kinds of money are exchanged for each other.
• E) none of the above

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Definitions:

Permanent

Refers to accounts or records in accounting that are not closed at the end of the accounting period and are carried over into the next period.

Temporary

Pertains to something not permanent or lasting only for a limited period of time.

General Journal

A primary accounting record used to record all types of transactions not assigned to any specialized journal.

Permanent

In the context of accounting, refers to accounts that are not closed at the end of the accounting period, such as asset, liability, and equity accounts.