The statement of cash flows (as well as the balance sheet) includes within cash the notion of cash equivalents. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on cash equivalents using the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). What is the specific citation that describes the guidelines for determining what items should be deemed cash equivalents? 2. List the guidelines.
The statement of cash flows (as well as the balance sheet) includes within cash the notion of cash equivalents. The FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted accounting principles. Required: 1. Obtain the relevant authoritative literature on cash equivalents using the FASB Accounting Standards Codification at the FASB website ( asc.fasb.org ). What is the specific citation that describes the guidelines for determining what items should be deemed cash equivalents? 2. List the guidelines.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 7MC
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The statement of
FASB Accounting Standards Codification represents the single source of authoritative U.S. generally accepted
accounting principles.
Required:
1. Obtain the relevant authoritative literature on cash equivalents using the FASB Accounting Standards Codification
at the FASB website ( asc.fasb.org ). What is the specific citation that describes the guidelines for
determining what items should be deemed cash equivalents?
2. List the guidelines.
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