Question: The statement of cash flows explains the difference between beginning and ending balances of cash and cash equivalents. A cash equivalent must satisfy which of

The statement of cash flows explains the difference between beginning and ending balances of cash and cash equivalents. A cash equivalent must satisfy which of the following criteria?Multiple select question.Be backed by secured assetsBe held at a local institutionBe close to maturityBe readily convertible to a known amount of cash

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