cash equivalent

noun [C]

Definition

› MONEY an amount of money that has the same value as something: The insurance policy states that the insurer will endeavour to replace your lost or damaged goods rather than offer a cash equivalent.

› [often plural] ACCOUNTING, FINANCE money in a company's bank accounts and other assets that can easily be changed into money: The company believes that its existing cash and cash equivalents are sufficient to meet their cash requirements during the next twelve months.

(Definition of cash equivalent noun from the Cambridge Business English Dictionary © Cambridge University Press)