Chapter 7 - Cash and Receivables - Review and Practice - Using Your Judgment - Financial Reporting Problem - Page 379: a

Highly liquid investments with maturities of three months and below when acquired are classified as cash equivalents and recorded at cost.

Under “Cash Equivalents” in its notes to the consolidated financial statements, P&G indicates: “Highly liquid investments with maturities of three months or less when purchased are considered cash equivalents and recorded at cost.”