Final Set A - Audit of Capital Outlay

Equipment rented out for fees are investment properties.

• True

• False

____________ are identifiable non-monetary assets without physical substance.

All are major types of Capital Outlay, EXCEPT:

• a. Investment Property

• b. Inventory

• c. Biological Assets

• d. PPE

• e. Intangible Assets

These are assets held to earn rentals or for capital appreciation or both.

Which of the following is not part of the journal entries in recording the Final Payment for Progress Billing?

• a) DR - Accounts Payable

• b) CR - Cash MDS

• c) CR - Advances to Customers

• d) CR - Due to BIR

Recognition of PPEs in NGAs and Local Government Units have a threshold of P15,000.00

• True

• False

Variation Order does not exceed 10% of the Contract Price

• True

• False

It is used to cover uncorrected defects and third party liability.

Capital Outlay are appropriations for the purchase of goods and services and the friends with benefits of which extend beyond the fiscal year.

• True

• False