Question

In: Accounting

Cash received from loans is a deposit other than customer payments. Group of answer choices True...

  • Cash received from loans is a deposit other than customer payments.

Group of answer choices

True

False

Solutions

Expert Solution

Answer: False

Explanation:

Cash received from loans is not a cash or cash equivalents it treated as a liability, because of any loan should be repay to the any bank or any creditor.

Any bank does not give cash without interest to any borrower and the loan must be repayable amount, So it does not consider as a deposit or cash equivalents.

Therefore, the given statement is false.

ekkarill92 answered 2 years ago
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