Nonfinancial Information Should Be Collected Because

question 42

Multiple Choice

Nonfinancial information should be collected because

• A)it may indicate events that may affect resources.
• B)it can be used to plan other activities.
• C)it can be used in transaction processing.
• D)both A and B

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Definitions:

Interest Rate

The percentage of an amount of money which is charged for its use per a certain period, often annually, by a lender to a borrower.

Medium of Exchange

A medium of exchange is anything widely accepted as a form of payment, making trade easier by eliminating the need for a coincidence of wants.

Store of Value

An asset, commodity, or currency that can be saved, retrieved, and exchanged in the future without significantly losing value.

Holding Wealth

The act of owning, managing, and retaining assets or capital with the goal of increasing financial security and potential for future income.