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Paraphin [41]
3 years ago
8

The economic definition of money​ is__________.A. A good that has intrinsic value.B. Anything authorized by the government to be

used in an exchange.C. Anything of value owned by a person or a firm.D. Any asset that people are generally willing to accept in exchange for goods and services.
Business
1 answer:
Citrus2011 [14]3 years ago
4 0

Answer:

The correct answer is option D.

Explanation:

Money can be defined as any asset that is generally accepted by people in exchange for goods and services. The basic function of money is to act as a medium of exchange.  

It reduces the transaction cost in exchange for goods and services by eliminating the double coincidence of wants.  

Money can be of different types such as commodity money, fiat money, etc.  

Other functions of money are to act as a store of value and unit of account.

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The following quote best describes ________. "The marvels of modern technology include the development of a soda can which, when
Alja [10]

Answer:

E)excessive markups

Explanation:

the car must was the must to the book

7 0
3 years ago
Elmo Johnson was late on his property tax payment to the county. He owed $7,500 and paid the tax four months late. The county ch
GrogVix [38]

Answer: $250

Explanation:

From the question, we are told that Elmo Johnson was late on his property tax payment to the county and that he owed $7,500 and paid the tax four months late.

We are further told that the county charges an annual penalty of 10%. The amount of the penalty for the four-month period goes thus:

Annual penalty = 10% × $7500

= 0.1 × $7500

= $750

Since he is four months late and there are twelve months in a year, this will be:

= $750 × 4/12

= $750 × 1/3

= $750/3

= $250

8 0
3 years ago
Lowell Corporation paid $80,000 to acquire all of Boston Company's net assets. Boston reported assets with a book value of $60,0
Pavel [41]

Answer:

Lowell Corporation

The amount that will be recorded as goodwill by Lowell Corporation to record its investment in Boston is:

= $5,000.

Explanation:

a) Data and Calculations:

Investment in Boston Company = $83,000

Fair value of assets = $98,000

Fair value of liabilities  23,000

Net value of assets = $75,000

Goodwill = $5,000 ($80,000 - $75,000)

b) Acquired Goodwill is the difference between the cost of purchasing Boston Company ($80,000) and the net identifiable assets of Boston Company ($75,000).  The net identifiable assets are calculated by subtracting the fair value of the liabilities from the fair value of the assets.

3 0
3 years ago
Which of the following is not an example of a financial transaction
GREYUIT [131]

Answer:

Something that is not an example of a financial transaction is a man throwing a pack of gum at a giraffe. You did not give any options, so this is the only answer I can give you.

Explanation:

Hope this helps :)

7 0
3 years ago
For each item listed below, indicate the allocation terminology for the item. Use the following terms for your answer:
nexus9112 [7]

For each item listed the allocation terminology for the items are as follows:

Amortization: Copyrights, Patents, Trademarks and Annual licensing fees.

Depreciation:  Buildings, Equipment and Land Improvements.

Depletion: None.

None of these: Land, Research and Development Costs and Franchises.

<u>Explanation:</u>

Throughout accounting, amortization applies to multiple-period distribution of revenues. The concept is used for two isolated processes: loan amortization and asset amortization. Depreciation is the reduction in asset value and the process used to redeploy or "write down" a tangible asset's expense (like equipment) over its expected life period.

Depletion is a term of accounting and taxation generally used in coal, forestry, petroleum, or other related industries. Depletion is identical to depreciation in that it is an accounting and tax tracking system for cost recovery.

8 0
3 years ago
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