Legal tender in the form of banknotes and coins that are readily acceptable for the settlement of debts.
A financial asset is either cash, a contractual right to receive cash, the right to exchange a financial instrument with another entity under potentially favourable terms, or an equity instrument of another entity.
Liquid assets are assets that can be easily converted into cash without significantly affecting their value. They are essential for maintaining the liquidity of individuals and corporations.
A quick asset is any asset that can be converted into cash within a short timeline, typically 90 days or less.
