Money involves cash in hand or cash in the bank, which can be accessed as a transactional exchange medium on demand for use. Near money needs some time to convert to cash. In order to meet immediate obligations, individuals and businesses must have cash available.
Near money is not actually money but are assets that can easily be converted into cash. Depending on the type of study, the scope of close money assets can differ. The proximity of near monies will also be an important factor when making all kinds of financial decisions. Products IT. About us Help Center. Log In Where do you want to login? Sign Up. Income Tax Filing.
Expert Assisted Services. Tax Saving. Near-money, on the other hand, is an indirect medium of exchange; it has to be first converted into ready money and then used for transactions. Money is not an income-yielding asset. On the contrary, near-money assets are income yielding assets. What are the different assets that are considered as near money? What are the qualities of good money material? We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits.
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Get premium membership and access questions with answers, video lessons as well as revision papers. Near money refers to wealth held in a form that may be quickly and easily changed into money. Building society deposits may be considered as being in this category. Near money does not possess the medium of exchange property since it has to be converted into money to be used to make payments.
Money — substitutes refer to claims to money which are convertible at face value on demand.
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