• Money is a medium of exchange; it allows people and businesses to obtain what they need to live and thrive.
• Bartering was one way that people exchanged goods for other goods before money was created.
• Like gold and other precious metals, money has worth because for most people it represents something valuable.
• Fiat money is government-issued currency that is not backed by a physical commodity but by the stability of the issuing government.
• Above all, money is a unit of account - a socially accepted standard unit with which things are priced.

Accounting Questions:

1. What is the difference between cash basis and accrual basis accounting?
2. How does the matching principle impact financial statements?
3. Explain the concept of depreciation and its importance in accounting.
4. What are the key components of a balance sheet?
5. How does the double-entry accounting system work?
6. What is the significance of the trial balance in the accounting process?
7. Describe the purpose and use of financial ratios in analyzing a company's performance.
8. What is the role of GAAP (Generally Accepted Accounting Principles) in financial reporting?
9. How does inventory valuation impact a company's financial statements?
10. Explain the concept of goodwill and how it is accounted for in business transactions.