For the following items Questions 220-227, indicate whether each should be (a) included or (b) excluded from the line item titled Cash and cash equivalents on the balance sheet.
-Savings account
A)Included
B)Excluded

Question

Quizplus · Accepted Answer

Savings account is a highly liquid asset that can be easily converted into cash, and thus should be included in the line item titled Cash and cash equivalents on the balance sheet.

For the Following Items Questions 220-227, Indicate Whether Each Should