Pete Daoust
A cheque isn't Money of Exchange ?
Here's how I get it....
You deposit a cheque, which is money of account, and write "for deposit only" on it.
That money of account can ONLY be deposit, there's nothing else to do with it. And it.s still money of account, it never been money of exchange.
Then you go to the ATM, and get Money-of-Exchange from that thing.
So the money of account that was for deposit ONLY, just has been exchange into "money of exchange".
But that "money of account" that has been deposited for deposit ONLY, can't be view as INCOME, because it was meant to be DEPOSIT only.
I wish I could show you the image of all this, that I have in my brain :D