Checkable and debitable accounts in commercial banks and other financial institutions are classified as money because

Question

Quizplus · Accepted Answer

Checkable and debitable accounts in commercial banks and other financial institutions are considered money because they are generally accepted as a means of payment for debts or purchases. When a person uses a check or debit card, they are essentially transferring the balance of the account to the recipient, and the recipient can use that balance to make payments or withdraw cash. However, options A, B, and D are incorrect as they do not accurately reflect the characteristics of checkable and debitable accounts that make them money.

Checkable and Debitable Accounts in Commercial Banks and Other Financial