LARGE_Session 5

LARGE_Session 5

Professional Development

10 Qs

quiz-placeholder

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LARGE_Session 5

LARGE_Session 5

Assessment

Quiz

Professional Development

Professional Development

Practice Problem

Medium

Created by

Gina Misoles

Used 1+ times

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10 questions

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1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This refers to the cost of inventories for distribution such as: food for hospital/rehabilitation patients, jail inmates; goods for distribution to people affected by calamities/disasters/ground conflicts; drugs and medicines; medical, dental and laboratory supplies, Agricultural Produce, Textbooks and Instructional Materials, Construction Materials.

Inventory Held for Consumption

Inventory Held for Sale

Inventory Held for Distribution

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

ABC Company purchased Laptops with a unit cost of P46,550.00. The Accountant recorded the laptops under Information and Communications Technology Equipment account.

True

False

3.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This refers to the acquisition of goods, consulting services and the contracting for infrastructure projects by the Procuring Entity. It shall also include the lease of goods and real estate.

Purchase

Buying

Procurement

4.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In what year did the government change the capitalization threshold of Semi-Expendable Property from below P15,000 to P50,000.00?

2021

2022

2023

5.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

In determining the purchase costs of the inventories, the trade discounts, rebates and other similar items are deducted.

TRUE

FALSE

6.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This refers to the cost or value of purchased/acquired office supplies such as bond papers, inks, and small tangible items, etc. for government day to day operations.

Inventory Held for Consumption

Inventory Held for Sale

Inventory Held for Distribution

7.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

This refers to the cost of inventories of unprocessed materials that serve as component of produced goods. This is composed of Raw Materials Inventory, Work-in-Process Inventory and Finished Goods Inventory.

Inventory Held for Consumption

Inventory Held for Sale

Inventory Held for Manufacturing

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