Describe the types of assets that are typically included under the heading$$ "cash and cash$$ equivalents" on the balance sheet. What is a$$ "cash equivalent"?

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Part $1$

$"$Cash and cash$$ equivalents" includes

all assets that will be converted to cash within one year

such as

accounts receivables and inventories

$.$ Besides$$ cash, all of these listed are considered to be$$ "cash equivalents"$-$

can easily be converted to cash within $3$ months or less at the time of purchase

$.$