Question: True or False 5. Entity A acquired debt securities 2 years ago. At the reporting date, the debt securities have a remaining term of 2

True or False True or False 5. Entity A acquired debt securities 2 years ago.

5. Entity A acquired debt securities 2 years ago. At the reporting date, the debt securities have a remaining term of 2 months. Entity A can present the debt securities as cash equivalents. 6. Compensating balances that are legally restricted as to withdrawal by the borrower are excluded from cash. TRUE 7. For best internal control, the duties of cash custody, cash disbursements authorization and cash recording should be delegated to one and same personnel. FALSE 8. The "Petty Cash Fund" account is credited each time a petty cash disbursement is made. TRUE -9. An entity's petty cash fund (PCF) has an imprest balance of P100. At the end of the period, the PCF consists of P20 coins and currencies. To replenish the PCF, the entity should write a check amounting to P80. TRUE 10. An entity's PCF has an imprest balance of P100. At the end of the period, the PCF includes P30 P30 unreplenished disbursements. The amount of PCF to be reported in the financial statements is P70. TRUE

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