For an Asset to Be a "Means of Payment," the Asset

question 158

Multiple Choice

For an asset to be a "means of payment," the asset

• A)is valuable and backed by gold.
• B)is valuable and backed by the government.
• C)can be used to settle a debt.
• D)requires a double coincidence of wants.
• E)must be used when bartering.

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Definitions:

Worksheet

A columnar device used by accountants to aid them in completing the accounting cycle—often just referred to as "spreadsheet." It is not a formal report.

Revenue

The total income received by a company from its normal business activities, before any expenses are subtracted.

Long-term Liabilities

Financial obligations of a business that are due more than one year in the future, such as bonds payable or long-term loans.