Money Serves as a

question 166

Multiple Choice

Money serves as a

• A)means of payment,legal obligation,and public tax.
• B)medium of exchange,unit of account,and store of value.
• C)means of settling debts,transaction lubricant,and private commodity.
• D)means of worker exploitation and capitalist enrichment.
• E)means to conduct barter transactions.

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Definitions:

Split-Off Point

The point in processing at which all joint costs have been incurred.

Relative Net Realizable Values

A method used to allocate joint costs based on the estimated final sales value of products minus any additional processing costs.

Charge

A fee or price asked for goods and services, or an accounting entry reflecting a debt or liability.