For accounting purposes,cash includes which of the following?
A)IOU's received from employees.
B)a post-dated cheque received from a customer.
C)balances on deposit in banks.
D)a note received from a customer in settlement of an overdue account receivable.

Question

Quizplus · Accepted Answer

Cash includes balances on deposit in banks. IOU's received from employees and notes received from customers are not considered cash until they are actually collected. A post-dated cheque is also not considered cash until the date on the cheque is reached and it can be deposited.

For Accounting Purposes,cash Includes Which of the Following