Question: Guaranteed investment certificates (GICs) have a definite value upon maturity, and the principal amount is guaranteed by the Government of Canada (through the Canadian Deposit

Guaranteed investment certificates (GICs) have a definite value upon maturity, and the principal amount is guaranteed by the Government of Canada (through the Canadian Deposit Insurance Corporation). Explain why a $50,000 GIC maturing two years after the balance sheet date cannot be included in cash and cash equivalents.

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