HISTORY
WORLD WAR II
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Payment need not be made in cash
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Payment had to be made immediately
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Recipients of aid had to bear all transport equipment, costs and risks
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Payment had to be paid in full (cash)
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Detailed explanation-1: -Thus, IOU and post-dated checks are not treated as cash for financial reporting as the former is an acknowledgment of debt while the latter is related to the future, not the present check.
Detailed explanation-2: -Cash equivalents include U.S. government Treasury bills, bank certificates of deposit, bankers’ acceptances, corporate commercial paper, and other money market instruments. These financial instruments often have short maturities, highly liquid markets, and low risk.
Detailed explanation-3: -Clearing involves network operators routing messages and other information among financial institutions to facilitate payments between payers and payees. Interbank settlement is the discharge of obligations that arise in connection with faster payments either in real-time or on a deferred schedule.