The fact that people are willing to save money for future purposes describes which function of money

The fact that people are willing to save money for future purposes describes the function of money as a store of value. Money is generally accepted as a form of payment for any transaction. This makes it possible for people to measure value of services or a goods easily by expressing their value in form of money make it possible for us to account for anything (good and services) in our books of record. This characteristic of money gives it value and ability to be saved or stored as a liquid asset for meeting any emergencies, debts or future buying opportunities for good and services among other needs. Hence, Money can therefore act as a medium for storage of value.

True

Explanation:

The correct answer is - True

Reason -

Cost of goods sold is the inventory cost to the seller of the goods sold to customers. It Expense item with a normal debit balance.

The word expense is not written there but it is an expense item on the income statement as a reduction to Revenue.