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 6361
Downloads 3
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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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