Audit of Capital Outlay - Set A

Cost of PPE includes Purchase Price including import duties and nonrefundable purchase taxes before deducting trade discounts and rebates

• True

• False

All are major types of Capital Outlay, EXCEPT:

• Investment Property

• Inventory

• Biological Assets

• PPE

• Intangible Assets

(a)   are appropriations for the purchase of goods and services and the benefits of which extend beyond the fiscal year.

Equipment rented out for fees are investment properties.

• True

• False

Advance payment to contractors in the procurement of infrastructure project shall not exceed ____ of the total contract price.

• 10%

• 15%

• 25%

• 50%

This may be issued by the implementing office to cover increase/decrease in quantities of original work items included in the contract

(a)  

PD 1445 requires auditor to record all supplies and and property of agency in which he/she was assigned.

• True

• False

All are biological assets, except _____

• Living goat

• Living chicken

• Living cowboy

• Living cow