Accountants Consider Money the Common Unit of Measure for All

question 83

True/False

Accountants consider money the common unit of measure for all business transactions.

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Definitions:

Denomination Time Deposits

Time deposits in banks that have a fixed term and are denominated in specific amounts of money.

M1

A measure of the money supply that includes all physical currency and coins, demand deposits, traveler's checks, and other checkable deposits.

M2

M1 plus savings deposits, small-denomination time deposits, and money market mutual funds.

M3

M2 plus large-denomination time deposits.