Which of the following most accurately reflects the position in relation to including liabilities as cash and cash equivalents?
A)they are only included if they are monetary liabilities
B)the can only be included if they are integral to the entity's cash management practices
C)they can only be included if they are denominated in the entity's presentation currency
D)they cannot be included under any circumstances

Question

Quizplus · Accepted Answer

Liabilities cannot be included as cash and cash equivalents under any circumstances because cash and cash equivalents are assets, representing resources owned or controlled by the entity that are available to meet its short-term cash needs. Liabilities, on the other hand, represent obligations of the entity.

Which of the Following Most Accurately Reflects the Position in Relation