4.1.44.2 OTHER FUNDS AND DEPOSIT* “This account represents the Fund set aside for funding of reserves (statutory and other reserves) established by the coop such as Retirement, Mutual Benefit and other funds. This may be in the form of time deposit or other securities which are readily convertible to cash when needed. 4.14.5 BIOLOGICAL ASSETS This account includes the cost of living plants and animals used in the operation of the EXC such as horses, cattle, and dogs. ‘The EC shall recognize a biological asset only when (2) the EC controls the asset as a result of past events, (b) it is probable that future economic benefits associated with the asset will flow to the entity, and (¢) the fair value or cost of the asset can be measured reliably. 4.14.6 ACCUMULATED AMORTIZATION - BIOLOGICAL ASSET ‘This account refers to the total amount of amortization that has been set-up periodically and charged against the current operations for the account Biological Asset eerie erent ‘ACAM for ECs Page 514.1.4.7 INTANGIBLE ASSETS ‘This account refers to identifiable non-monetary asset without physical substance for which future economic benefits are expected to flow back and amortized over the estimated useful life of legal life, whichever is shorter. 4.14.71 FRANCHISE AND CONSENTS This account represents the coral cost incurred in securing a franchise, consent, power licenses, permit fees from government agencies or any political subdivisions thereof, and any cost of intangible property necessary in the conduct of utility operations, 4.14.8 ACCUMULATED AMORTIZATION - INTANGIBLE ASSETS: This account represents the accumulated amortization of intangible assets acquired in whatever mode by the EC. ‘ACAM for ECs Page 52 ie4.2 CURRENT ASSETS Current Assets ate cash ot cash equivalents, receivables and other properties which are held primarily for trading transactions and are expected to be realized in cash or its equivalents within one normal operating cycle of the business or twelve (12) months after the reporting period, whichever is lower, with the EC's intention to be used in payment of current liabilities. 4.2.1 CASH AND CASH EQUIVALENTS ‘This account represents the sum total of all cash such as cash on hand, cash- in-bank, demand deposits, petty cash fund, working fund, revolving fund and other fund held for specific purpose of disbursement with a limited amount pet voucher in connection with the operation of the EC business. 4.2.1.1 CASH IN BANK - GENERAL FUND This account represents the total cash collection of power bills from the members/consumers deposited in the bank intended for the business operation of the EC. 4.2.12 CASH ON HAND ‘This account represents the undeposited collections from power bills and other cash receipts in connection with the normal operations of the EC. Page 53