1.1.2 What is money? Money is anything that is commonly used and generally accepted as a medium of exchange or as a standard of value The concept money includes all kinds of paper instruments that are commonly used and generally accepted as mediums of exchange or as standards of value Bank demand deposits or"checking accounts should also be classified as money in keeping with the terms of the definition1.1.2 What is Money? Money is anything that is commonly used and generally accepted as a medium of exchange or as a standard of value. The concept money includes all kinds of paper instruments that are commonly used and generally accepted as mediums of exchange or as standards of value. Bank demand deposits or “checking accounts” should also be classified as money in keeping with the terms of the definition