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BFM 311: Money and Banking
| Institution | MOUNT KENYA UNIVERSITY |
| Course | FINANCE & ACCOUNTING |
| Year | 3rd Year |
| Semester | Unknown |
| Posted By | Codred Agencies |
| File Type | |
| Pages | 72 Pages |
| File Size | 458.06 KB |
| Views | 2315 |
| Downloads | 3 |
| Price: |
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Description
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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