The correct answer is B. Taking out loan to go on vacation.
Liability is termed as future sacrifices of benefits which are obliged to other entities. There are characteristics which explains what is liability.
For example, A type of borrowing from banks or from persons to improve personal income and which is being paid within the given period of time.
Liability can be based on constructive obligations or equitable obligations.
We can say that we get the asset when liability is being added to owners equity.
The answer would be C. The disillusionment of people following WW1.
Because money creates a standard <u>unit of account</u> it is possible to compare the prices of two goods, which allows people to communicate the <u>value</u> of the goods in a way that is easily understood. This characteristic of money also enables it to serve as a <u>recording</u> device, or a way to measure accounts and transactions in a consistent manner
<h3><u>Explanation:</u></h3>
- To understand this in a better way money is a medium of exchange between the two parties.
- This becomes possible to compare the prices of the goods which one buys from other.
- It is a store of value of the goods. This is a unit of account that keeps the measure of all the transaction held.
- Money is best defined as with its three main features