Question 7 1 pts In the absence of a PFRS (Philippine Financial Reporting Standard) that specifically applies to a transaction management shall consider the applicability of the Conceptual Framework in developing and applying an accounting policy that will result in information that is relevant and reliable, True False D Question 8 1 pts Accordingly, to be reportedlas "cash" as a current asset, an item must be unrestricted to use. This means the cash must be readily available in the payment of current obligations and not subject to any restrictions, contractual or otherwise, True False D Question 9 1 pts Only high liquid investments that are acquired three months before maturity can qualify as cash equivalents. Cash equivalents include equity securities. True False Question 10 1 pts The bank when certifying checks, automatically debits (reduces the depositor's account and assumes direct liability on paying certified checks, to the payee. Certified checks are already deducted from the account, thus they are no longer outstanding. True False