cash equivalent vs obligation

cash equivalent and obligation both are nouns.

Word	Noun	Adjective	Verb	Adverb
cash equivalent	Yes	No	No	No
obligation	Yes	No	No	No

As nouns, obligation is a hypernym of cash equivalent; that is, obligation is a word with a broader meaning than cash equivalent:

cash equivalent: a highly liquid debt instrument with maturities of less than three months
obligation: a written promise to repay a debt

Other hypernyms of cash equivalent include certificate of indebtedness, debt instrument.

cash equivalent (noun)	obligation (noun)
a highly liquid debt instrument with maturities of less than three months	the social force that binds you to the courses of action demanded by that force
	a legal agreement specifying a payment or action and the penalty for failure to comply
	a written promise to repay a debt
	a personal relation in which one is indebted for a service or favor
	the state of being obligated to do or pay something