Under which of the following situations deposit is considered to be a cash equivalent? I) Assuming 31st December 2018 year end, a term deposit starting on 1 December 2018 and maturing on 31 January 2019 II) Assuming 31st December 2019 year end, a term deposit starting on 15th November 2019 and maturing on 21st June 2020 III) Assuming 31st December 2018 year end, a term deposit starting on 1 December 2018 and maturing on 15th January 2019 IV) Assuming 31st December 2019 year end, a term deposit starting on 15th November 2019 and maturing on 21st June 2021 a. I and III b. IV only c. II only d. I, II and III
Under which of the following situations deposit is considered to be a cash equivalent? I) Assuming 31st December 2018 year end, a term deposit starting on 1 December 2018 and maturing on 31 January 2019 II) Assuming 31st December 2019 year end, a term deposit starting on 15th November 2019 and maturing on 21st June 2020 III) Assuming 31st December 2018 year end, a term deposit starting on 1 December 2018 and maturing on 15th January 2019 IV) Assuming 31st December 2019 year end, a term deposit starting on 15th November 2019 and maturing on 21st June 2021 a. I and III b. IV only c. II only d. I, II and III
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
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 2MC: A contract between one or more parties creates: a. the date that cash is paid by the customer b....
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Under which of the following situations deposit is considered to be a cash equivalent?
I) Assuming 31st December 2018 year end, a term deposit starting on 1 December 2018 and maturing on 31 January 2019
II) Assuming 31st December 2019 year end, a term deposit starting on 15th November 2019 and maturing on 21st June 2020
III) Assuming 31st December 2018 year end, a term deposit starting on 1 December 2018 and maturing on 15th January 2019
IV) Assuming 31st December 2019 year end, a term deposit starting on 15th November 2019 and maturing on 21st June 2021
a.
I and III
b.
IV only
c.
II only
d.
I, II and III
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