This study explores the impact of accounting conservatism on the level and value of firms' cash holdings. Based on a sample of 132 firms in the Egyptian environment during the period 2012 to 2016, I provide evidence that there is a positive and significant association between accounting conservatism, measured by total accruals and non-operating accruals, and the level of cash holdings. With regard to the relation between accounting conservatism and value of corporate cash holdings, results show a positive and significant relationship between total accruals and abnormal stock returns. However, there is no significant relationship between non-operating accruals and abnormal stock return.