Assets and liabilities to be received or paid in a fixed or determinable number of units of money are referred to as:
A) monetary items.
B) fixed items.
C) non-monetary items.
D) fixed units.

Question

Quizplus · Accepted Answer

Assets and liabilities that are to be received or paid in a fixed or determinable number of units of money are known as monetary items. These items are typically easy to measure and record in financial statements because their value is not subject to change due to inflation, deflation, or other economic factors. Examples of monetary items include cash, accounts payable, and short-term investments.

Assets and Liabilities to Be Received or Paid in a Fixed