The Advantage of Money as a Store of Value Is

question 61

Multiple Choice

The advantage of money as a store of value is

• A)its purchasing power
• B)its liquidity
• C)its portability
• D)its uniformity
• E)its availability

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Definitions:

Income Summary

An account used in the closing process during the accounting cycle that summarizes revenues and expenses before transferring the net income or loss to retained earnings.

Owner's Capital

The total value of assets contributed by the owner(s) to a business minus any withdrawals made by the owner(s).

Correcting Entry

An accounting entry made to correct errors found in the financial statements after they have been prepared.

Incorrect Entry

An error or mistake made in recording transactions in the accounting records.