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

The statement of cash flows explains the difference between beginning and ending balances of cash and cash equivalents. A cash equivalent must exhibit all of the following criteria, except:

be readily convertible to a known amount of cash.

be close to maturity.

be held at a local institution.

ending balances of cash and cash equivalents. A cash equivalent must exhibit

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