Explain the different types of cash, including cash equivalents, which would be reported as Cash in the balance sheet.
What will be an ideal response?
Cash includes currency, coins, and balances in savings and checking accounts, as well as items acceptable for deposit in these accounts, such as checks received. In addition, when a company sells products or services to customers who use credit cards or debit cards, the cash to be collected from those sales is nearly always included in the total cash balances immediately. Cash equivalents are short-term investments that have a maturity date no longer than three months from the date of purchase. Common examples of such investments are money market funds, Treasury bills, and certificates of deposit.
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