Explain the significance of the 'Standard of Deferred Payment' function of money. (2024)

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Categories of Cash Flow Statement

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Solution

Money as a standard of deferred payment means that the standard of pavment is contracted to be made at some future date. This is possible because value of money remains more or less constant and has the merit of general acceptability. This function of money has facilitated borrowing and lending activities. It has also led to the creation of financial institutions which are the lifelines of modern business.


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See Also
Introduction to the Time Value of Money |Ciccone McKay Financial Group Vancouver27.1 Defining Money by Its Functions – Principles of EconomicsA Guide to Different Payment Methods | takepaymentsThesaurus.com - The world's favorite online thesaurus!

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