WorksheetsPPE for Government Entities
Total questions: 10
Worksheet time: 3mins
The capitalization threshold for government entities under the GAM is:
P10,000
P15,000
P20,000
P25,000
PPE acquired through construction by administration (self-construction) is initially recorded under which account?
Buildings
Construction in Progress
Land Improvements
Supplies Inventory
The cost of promotional items different from the purchased assets is measured at:
Historical Cost
Carrying Amount
Fair Value
Net realizable value
Heritage assets such as historical monuments are:
Depreciated over 50 years
Not depreciated but subject to impairment
Always recognized at revalued amount
Recorded as inventory
Infrastructure assets like roads and bridges are generally assumed to have:
No residual value
10% residual value
Unlimited useful life
Indefinite fair value
Reforestation projects are classified in the government books as:
Land
Infrastructure Assets
Land Improvements
Heritage Assets
Construction in Progress (CIP) is used to record:
Completed assets pending inspection
Infrastructure and other assets under construction
Damaged assets awaiting repair
Supplies used for maintenance
Upon completion of a government building, the correct entry to transfer the asset is:
Dr. Buildings
Cr. Construction in Progress – Buildings
Dr. Construction in Progress – Buildings
Cr. Buildings
Dr. Expense
Cr. Buildings
Dr. Cash
Cr. Buildings
Government hospitals and schools are recorded under:
Infrastructure Assets
Buildings
Land Improvements
Heritage Assets
A city government develops a public playground with benches and fences. This is classified as:
Heritage Assets
Infrastructure Assets
Land Improvements
Buildings
