"Even Though We Can Convert Them into Money, Deposits at Banks

question 291

Essay

"Even though we can convert them into money, deposits at banks are not money." Is the previous statement correct or not?

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Definitions:

Revenue

The total amount of money received by a company for goods sold or services provided during a certain time period.

IFRS

Stands for International Financial Reporting Standards, a set of accounting standards developed by the International Accounting Standards Board (IASB) that is globally accepted for preparing financial statements.

IASB Standards

International Accounting Standards Board Standards, which are a set of accounting rules followed by companies across the globe to ensure transparency and comparability of financial statements.

Retrospectively Apply

The application of a new accounting policy to transactions, other events, and conditions as if that policy had always been applied.