BFM 311: Money and Banking

Institution	MOUNT KENYA UNIVERSITY
Course	FINANCE & ACCOUNTING
Year	3rd Year
Semester	Unknown
Posted By	Codred Agencies
File Type	pdf
Pages	72 Pages
File Size	458.06 KB
Views	6764
Downloads	3
Price:	Ksh. 120 Buy Now Buy via whatsapp

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A standard definition of money is anything generally accepted for payment of a debt. A debt is an obligation incurred when a business transaction takes place. Money is a medium of exchange sought for the purpose of transacting exchange of commodities /services / goods. A commodity chosen as money can not be used for other purposes rather ensuring that business transaction takes place. This then implies that a commodity taken as money must be universally accepted by the users if it has to retain its value.

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