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Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881

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BuyFindarrow_forward

Cornerstones of Financial Accounti...

4th Edition
Jay Rich + 1 other
ISBN: 9781337690881
Textbook Problem
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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

To determine

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

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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