PPE Inventory Quiz

Are tangible items that are: purchased, constructed, developed or otherwise acquired; held for use in the production or supply of goods or services or to produce program outputs; for rental to others (other than investment property); for administrative purposes; expected to be used during more than one reporting period; and not intended for resale in the ordinary course of operations.

• Property, Plant and Equipment

• Inventory

• Building

Are tangible items which meet the definition and recognition criteria of Property, Plant and Equipment but below the capitalization threshold of P50,000

• Semi-expendable Equipment

• PPE

• Inventory

The cost of an item of PPE shall be recognized as Property, Plant and Equipment if it meets the capitalization threshold of ___________.

• P50,000

• P15,000

• P5,000

Shall be responsible for the actual count to ascertain the existence, completeness and condition of all PPEs owned by the government agency.

• Inventory Committee

• Investigation Committee

• Disposal Committee

It is used for easy identification of each PPE item, that includes the: Year of Acquisition, PPE sub-major account group, General Ledger account, Serial Number, and Location/Office.

• Property Number

• Cellpone Number

• Asset Number

Contains, at the least, the specific assignments/duties of the Committee members, the cut-off date and a schedule specifying the dates and locations of the inventory taking activities from start up to the targeted completion of the physical inventory.

• Physical Inventory Plan

• Annual Plan and Budget

• Work and Financial Plan

It includes the latest RPCPPE/Physical Inventory Report, List of PPE items which are included in the RPCPPE but not recorded in PPELCs, and List of PPE items which are recorded in the PPELCs but not recorded in RPCPPE.

• Inventory Working Papers

• List of PPEs Found at Station

• List of Non-existing/missing PPEs

It is an indispensable procedure for manually counting the PPEs to verify the existence and condition of PPEs, and checking the integrity of property custodianship.

• Physical Count / Inventory-taking

• Inspection

• Observation

It refers to the process of comparing two sets of records or financial information, such as RPCPPE, Property Cards, PPE Ledger Cards or other relevant records, to ensure their accuracy and consistency.

• Reconciliation

• Analysis

• Evaluation

This card shall be used by the Property Unit to record the description, acquisition, transfer, disposal, and other information about the PPE. It shall be kept for each class of PPE.

• Property Card (PC)

• IIRUP

• PAR