Which one of the following is not a cash equivalent?
a. 180-day note issued by a local or state government
b. 90-day U.S. Treasury bill
c. 60-day corporate commercial paper
d. 30-day certificate of deposit
Introduction: Cash and cash equivalents as a short term and highly liquid investment that are readily convertible into cash. If a security will a mature after more than 90 days then this type of security is included in the cash and cash equivalent.
Explanation for correct answers:
Option (a) 180-days note issued by local or state government: This security will mature after the 180 days, if a note would be mature before 90 days then considered in the cash and cash equivalent.
Explanation for incorrect answers:
Option (b) 90 days U.S Treasury bill: This treasury bill would be mature before 90 days then considered in the cash and cash equivalent...
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