Which of the Following Statements Is True of a Barter

question 89

Multiple Choice

Which of the following statements is true of a barter system?

• A)In a barter system,it is difficult to keep track of the relative values of goods and services.
• B)In a barter system,an individual offers money to import goods and services.
• C)In a barter system,an individual offers currency notes to get coins.
• D)In a barter system,different kinds of money are exchanged for one another.
• E)In a barter system,individuals are self-sufficient.

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Definitions:

Balance Sheet

A financial briefing that condenses the assets, liabilities, and equity shares of a business at a designated point in time.

Revenues and Expenses

The income generated from normal business operations and the costs incurred to generate that income.

Income Statement

A financial statement that shows a company's revenues and expenses, resulting in net income or loss over a specific period.

Balance Sheet

A financial statement that shows a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.