Monetary items are best described as:

Question

Quizplus · Accepted Answer

Monetary items are assets and liabilities that are fixed in terms of a specific currency, such as cash, accounts receivable, and accounts payable. They are generally held or to be received/paid in fixed numbers of currency units. Option A and C are incorrect as plant and equipment and intangible items are not necessarily monetary in nature. Option D is also incorrect as contingent items are not fixed in terms of a specific currency.

Monetary Items Are Best Described As