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belka [17]
3 years ago
12

Which of the following is not considered cash for financial reporting purposes?

Business
2 answers:
SashulF [63]3 years ago
5 0

Answer:  The following is not considered cash for financial reporting purposes: <u><em>Postdated checks and I. O. U.'s</em></u>

A post-dated checks is a referred to as a check signed by the drawer for a date in the future.

whereas;

IOU which is further abbreviated as "I owe you" is an informal agreement acknowledging debt.It is different from a promissory note i.e. It is not a negotiable instrument and does not classify repayment keywords.

uysha [10]3 years ago
3 0

Answer:

The correct answer is letter "D": Postdated checks and I. O. U.'s.

Explanation:

"Cash" is classified, for accounting purposes, as any financial resource which can easily be transformed into real cash. Examples of cash are<em> coins, currency, checks, money orders, bank drafts, or Certificates of Deposit (CD)</em>. Cash is the default exchange medium for products and services to be exchanged, at its basic level.

<em>I.O.U. or "I owe you" is a term commonly used in accounting related to accounts receivables. These are not considered cash since they have an extended repayment term.</em>

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Explanation:

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