Help me please with detailed and clear explanation

Problem 1-26 Multiple choice (IAA) 1. A cash equivalent is a short-term, highly liquid investment readily convertible into known amount of cash and a. Is acceptable as a means to pay current liability b. Has a greater current fair value c. Bears a prime interest rate d. Is so near maturity that it presents insignificant risk of change in interest rate 2. Highly liquid investments are cash equivalents if the maturity is 90 days or less a. From the date the investments are acquired b. From the end, of reporting period c. From the date of issue of financial statements d. From the beginning of reporting period 3. All of the following can be classified as cash and cash equivalents, except a. Redeemable preference shares due in 60 days b. Commercial papers due for repayment in 90 days c. Equity investments d. A bank overdraft 4. Cash equivalents do not include a. Money market funds b. High grade marketable equity investments c. BSP treasury bills d. Commercial papers 5. Cash equivalents are a. Treasury bills and money market instruments. less. b. Investments with original maturity of three months or c. Readily convertible into known amount of cash. d. All of these are features of cash equivalents.Problem 1-26 Multiple choice (IAA) 1. A cash equivalent is a short-term, highly liquid investment readily convertible into known amount of cash and a. Is acceptable as a means to pay current liability b. Has a greater current fair value c. Bears a prime interest rate d. Is so near maturity that it presents insignificant risk of change in interest rate 2. Highly liquid investments are cash equivalents if the maturity is 90 days or less a. From the date the investments are acquired b. From the end, of reporting period c. From the date of issue of financial statements d. From the beginning of reporting period 3. All of the following can be classified as cash and cash equivalents, except a. Redeemable preference shares due in 60 days b. Commercial papers due for repayment in 90 days c. Equity investments d. A bank overdraft 4. Cash equivalents do not include a. Money market funds b. High grade marketable equity investments c. BSP treasury bills d. Commercial papers 5. Cash equivalents are a. Treasury bills and money market instruments. less. b. Investments with original maturity of three months or c. Readily convertible into known amount of cash. d. All of these are features of cash equivalents.Problem 1-27 Multiple choice (IAA) 1. The internal control feature specific to petty cash is a. Separation of duties b. Assignment of responsibility c. Proper authorization d. Imprest system 2. What is the major purpose of an imprest petty cash fund? a. To effectively plan cash inflows and outflows b. To ease the payment of cash to vendors c. To determine the honesty of the petty cashier d. To effectively control cash disbursements 3. The imprest petty cash fund account is debited a. Only when the fund is created. b. When the fund is created and everytime it is replenished. c. When the fund is created and when the size of the fund is increased. d. When the fund is created and when the size of the fund is decreased. 4. A cash over and short account a. Is not generally accepted. b. Is debited when the petty cash fund proves out over. c. Is debited when the petty cash fund proves out short. d. Is a contra account to cash. 5. Petty cash fund is a. Separately classified as current asset b. Money kept on hand for making minor disbursements of coin and currency rather than by writing checks c. Set aside for the payment of payroll d. Restricted cashProblem 1-27 Multiple choice (IAA) 1. The internal control feature specific to petty cash is a. Separation of duties b. Assignment of responsibility c. Proper authorization d. Imprest system 2. What is the major purpose of an imprest petty cash fund? a. To effectively plan cash inflows and outflows b. To ease the payment of cash to vendors c. To determine the honesty of the petty cashier d. To effectively control cash disbursements 3. The imprest petty cash fund account is debited a. Only when the fund is created. b. When the fund is created and everytime it is replenished. c. When the fund is created and when the size of the fund is increased. d. When the fund is created and when the size of the fund is decreased. 4. A cash over and short account a. Is not generally accepted. b. Is debited when the petty cash fund proves out over. c. Is debited when the petty cash fund proves out short. d. Is a contra account to cash. 5. Petty cash fund is a. Separately classified as current asset b. Money kept on hand for making minor disbursements of coin and currency rather than by writing checks c. Set aside for the payment of payroll d. Restricted cash