The First Step in the Evolution of Money Involved the Use

question 91

Multiple Choice

The first step in the evolution of money involved the use of _____.

• A)physical commodities
• B)barter
• C)pieces of paper representing claims on physical commodities
• D)pieces of paper with no intrinsic value
• E)electronic entries representing claims on pieces of paper with no intrinsic value

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Definitions:

Fees Earned

Income received from providing services.

Adjusting Entry

An accounting record made to update the balance of accounts at the end of an accounting period to reflect the true financial position.

Expired Insurance

Refers to insurance policies where the coverage period has ended and has not been renewed or extended.

Assets

Resources owned or controlled by a business, entity, or individual, which are expected to produce economic value or future benefits.