MULTIPLE CHOICE (please also explain how so i can study and understand it better, thanks!)

1.) Which statement is true about reporting bank overdraft under IFRS?*

a. Overdraft typically cannot be offset against positive balance in other cash account but reported as current liability

b. Generally, cash overdraft is not allowed

c. Overdraft can be offset against other bank account when payable on demand and often fluctuates from positive to overdrawn as an integral part of cash management

d. All of the other statements are true about bank overdraft

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.) Cash equivalents are

a. Treasury bills and money market instruments

b. Investments with original maturity of three months or less

c. Readily convertible into known amount of cash

d. All of the other statements are features of cash equivalents

4.) Restricted deposits in foreign bank are classified as

a. Current asset with appropriate disclosure

b. Noncurrent asset with appropriate disclosure

c. Be written off as loss

d. As part of cash and cash equivalents

5.) Cash equivalents do not include

a. Money market funds

b. High grade marketable equity investments

c. BSP treasury bills

d. Commercial papers

6.) All of the following may be included in cash, except

a. Currency

b. Money market instrument

c. Checking account balance

d. Savings account balance

7.) Which of the following should not be included in cash?

a. Travel cash advance

b. Certified check

c. Personal check

d. Manager's check

8.) 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

9.) Compensating balance represents*

a. Fund in a bank account that cannot be spent

b. Balance in a payroll checking account

c. Account that is subject to bank service charge

d. Account on which a bank pays interest