Simple English definitions for legal terms
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A nonmonetary item is something that you own or owe that can change in value. This could be things like land, equipment, inventory, or promises to fix things under warranty. The value of these things can go up or down over time.
Definition: A nonmonetary item is an asset or liability whose value changes over time. Examples of nonmonetary items include land, equipment, inventory, and warranty obligations.
Examples:
These examples illustrate the definition of nonmonetary items because their value is not fixed and can change over time. This makes them different from monetary items, such as cash or accounts receivable, which have a fixed value.