Functions of Money Include All of the Following EXCEPT

question 98

Multiple Choice

Functions of money include all of the following EXCEPT:

• A) Money serves as a medium of exchange.
• B) Money may be held as a store of value.
• C) Money determines the wealth of a nation.
• D) All of the above are functions of money.

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Definitions:

Closing Entry

An accounting transaction recorded at the end of an accounting period to transfer the balances of temporary accounts to permanent ones.

Capital

Refers to financial assets or the financial value of assets, such as funds held in deposit accounts and/or funds obtained from special financing sources.

Adjusted Trial Balance

A list of all accounts and their balances after adjusting entries have been made, used in preparing financial statements.