_____ Which of the following accounts is a monetary item?
A) Deferred Income Taxes Expense.
B) Additional Paid-in Capital.
C) Sales.
D) Deferred Charges.
E) None of the above.

Question

Quizplus · Accepted Answer

Monetary items are assets and liabilities that carry a fixed value in terms of currency units (e.g., cash, receivables, and payables). None of the options listed (Deferred Income Taxes Expense, Additional Paid-in Capital, Sales, Deferred Charges) represent monetary items as they either represent equity, income, or expenses, which do not carry a fixed currency value in the way monetary items do.

_____ Which of the Following Accounts Is a Monetary Item