Finals Flashcards
(111 cards)
1
Q
A _______________ is mandated to exercise diligence in the custodianship of any government property.
A
government official
2
Q
It refers to the guardianship of government property by the accountable person. This includes the receipt, safekeeping, issuance, repair and maintenance of supplies, materials and equipment. The designated property custodian/officer is responsible, accountable and liable for any loss, misuse, damage or deterioration of government property due to fault or negligence in safekeeping which may be physical or constructive.
A
Property Custodianship
3
Q
He/She is responsible, accountable and liable for any loss, misuse, damage or deterioration of government property due to fault or negligence in safekeeping which may be physical or constructive.
A
designated property custodian/officer
4
Q
It refers to the scientific and economical warehousing of materials for their best safekeeping and availability.
A
Storage/Warehousing
5
Q
It means protecting the materials against theft, fire and deterioration but easily accessible when needed.
A
Best safekeeping
6
Q
It refers to the scientific and economical warehousing of materials for their best safekeeping and availability. Best safekeeping means protecting the materials against theft, fire and deterioration but easily accessible when needed. The method or systems include factors and procedures in the manner of undertaking due care and maintenance of good condition of the property.
A
Storage/Warehousing
7
Q
Factors to be considered in Storage and Warehousing
A
- Site Location and size of storage/stockroom to use
- Space layout planning for materials to be stored
- Types of stacking suitable for each type of property.
8
Q
It play a major role for an effective storage and Warehousing management.
A
selection of site location, type and size of storage or stockroom to be use
- Site Location and size of storage/stockroom to use
9
Q
It is a document prepared by the requisitioning officer as a basis for the preparation of RIS and PR if the supplies/equipment are available or not available on stock.
A
SAI
Supplies Availability Inquiry
10
Q
This is used if the goods/supplies carried in stock based on the SAI received from the Accounting Unit.
A
RIS
Requisition and Issuance Slip
11
Q
This form is accomplished if the goods/supplies/properties are not carried in stock based on the Supplies Availability Inquiry (SAI) received from the Accounting Unit
A
PR
Purchase Request
12
Q
It is used for PPE accounts when issued to officials and employees other than the regular property officer.
It shall be signed and dated by the designated Property Officer under “Received from” portion and the recipient shall acknowledge by signing in the “Received by” portion. This form is accomplished in duplicate copies by the accountable officer.
A
ARE
Acknowledgement Receipt for Equipment
13
Q
The AREs shall be filed ________by the supply officer/designated property custodian for ready reference. It shall be renewed on the __________ after issuance. AREs that are not renewed after three years shall not be considered in making ____________.
A
alphabetically
third year
physical count of the equipment
14
Q
It is used for items “with serviceable life of more than one year but small enough to be considered as PPE”.
A
ICS
Inventory Custodian Slip
15
Q
Transfer of inventory supplies or property from one supply officer to another supply officer shall be covered by _____________.
A
IRP
Invoice Receipt of Property
16
Q
Transfer of inventory supplies and PPE from the head of the department or office to the end-user shall be covered by ___________.
A
ICS/ARE
17
Q
A
18
Q
For control and monitoring purposes, the Property/Supply Unit shall maintain _____________.
A
stock and property cards
19
Q
The _________ shall maintain Bin Cards and record the receipt and issuance of each class of item kept in stock.
A
Warehouseman/Storekeeper
20
Q
This shall be reconciled with the Stock/Property Cards maintained by the Stock Clerk or Property Custodian.
A
Bin Cards
21
Q
They shall maintain the stock cards for each class of article kept in stock. All receipts and issuance of supplies, and the balance on hand shall be updated.
A
Supply Officer/Stock Clerk
22
Q
The bases of recording the receipts and issuances shall be the ____ and the ____ respectively
A
DR and the RIS
23
Q
This serves as guide in preparing the estimates of the quantity and description of the articles needed for the year, and in guarding against overstocking of supplies and materials. It also facilitates physical inventory taking.
A
stock card
24
Q
They shall maintain the Property Card for each class of PPE reflecting the date of acquisition, description, custody, estimated life expectancy, depreciation, disposal, and other information about the PPE based on the source of documents.
A
Supply Officer/designated Property
Custodian
25
The basis of recording the issuance of PPE is the ____.
ARE
26
They shall maintain the Livestock Card for each large cattle, which includes cows, horses, mules, asses, carabao and other members of the bovine family, acquired by purchase or raised, which attain the age of one year.
Small animals like pigs, goats, fowls, etc. shall also be singly recorded in this form and taken-up as inventory upon reaching marketable ago or are ready for use.
Property/Livestock Custodian
27
The Livestock Card shall be reconciled with the ________ maintained by the accounting office.
Livestock Ledger Card
28
The supply officer/designated property custodian or his representative prepares the ___________-, which serves as a monthly abstract of supplies and materials issued as evidenced by the RIS.
RSMI
(Appendix 9-13)
29
At the end of the month, all RSMI shall be consolidated for the preparation of the _______________.
Journal Entry Voucher (JEV)
30
It is necessary for the purpose of attaining and/or extending the established standard economical and useful life of an equipment/property and serves as a sound basis for scheduling its replacement.
repairs and maintenance program
31
The Property Unit of the Agency shall maintain a ___________, which contains the history of the equipment owned and maintained by the agency. He/She shall regularly review the records to ensure that the needs for repairs and/or replacements are addressed immediately.
Property/Equipment Card
32
It is the process/act of restoring a property/equipment to its original state or to its working condition. Unserviceable equipment may at once be restored to its normal state of efficiency by making repairs.
Repair
33
This merely keep a building or equipment in fit condition for use without increasing its capacity or otherwise adding to its normal value as an asset.
Minor or ordinary repair
34
It is the condition of equipment worn out or otherwise rendered unserviceable through use without apparent fault.
Fair wear and tear
35
It is the alteration, addition or installation, general reconditioning, overhauling and the like, which materially increase the value or extend the useful life of the equipment or motor vehicles.
Major or extraordinary repair
36
actions taken to retain the equipment or in a serviceable condition or to restore it to serviceability when it is economically repairable.
Maintenance
37
38
The Supply Officer is required to take a physical inventory of all the equipment of their respective offices at least ________.
The inventory of supplies and materials in stock including medicines, drugs and other medical supplies exclusively for either commissary, sale manufacture or relief purposes shall be made __________.
The inventory of textbooks shall be undertaken at the _______.
once a year
every six (6) months
(June 30 and December 31)
end of the school year
38
The Accounting and the Supply/Property Units shall reconcile their records at _____________.
the end of each quarter
39
40
The inventory crew shall take the actual count, weight or measure of the object of inventory. The name of its inventory item, code number, location, count, weight or measurement is written on the __________.
Inventory Summary Sheet (ISS)
41
The ___________ shall prepare the required semi-annual inventory report to be certified correct and approved by the Head of Office. It shall be submitted to the Auditor concerned not later than ____________ of each year for the first and second semesters, respectively.
Inventory Committee
July 31 and January 31
42
The Inventory Committee shall prepare the PPE report annually by type such as heavy equipment, technical and scientific equipment, motor vehicles, office equipment per cards and per count and shortage/overage, if any. It shall be prepared in three copies, certified correct and approved by the head of the office. It shall be submitted to the auditor concerned not later ______ of each year.
January 31
43
The _________ shall witness the physical inventory taking conducted by the inventory committee and if possible also by the ___________ of the agency. He should observe the actual process in order to assure himself of the fairness of the financial statements.
representative of the COA Auditor
representative of the internal audit
The Internal Auditor of the agency concerned may review the inventory guidelines in advance and test-clock the counting of the goods/equipment as well as summarizing the inventory sheets.
44
When an officer accountable for government funds or property dies or becomes incapacitated in the performance of his duties, the head of office shall designate a custodian to take charge of the funds or property until a successor have been qualified and appointed. The head of office may appoint a committee to account the cash and take an inventory of the property for which the officer was accountable and to determine the responsibility for any shortage therein. One copy of the inventory and the Report of the Committee duly certified shall be filed with the Commission on Audit (COA) but the findings of the Committee shall not be conclusive until approved by the commission or its duly authorized representative.
Sec. 78, PD 1445
45
If the absconding, deceased, incapacitated or superseded officer is accountable for funds or property of a province or city, the custodian and committee shall be designated by the ____________. If the accountable officer is at municipal/barangay funds or property, shall be designated.
Schools Division Superintendent (SDS)/City Schools Division Superintendent (CSDS)
46
It is the end of the life cycle of a government property
Disposal
47
Pursuant to _______________, the full and sole authority and responsibility for the disposal of properties and other assets owned by the Government shall be lodged in the heads of offices.
Sec. 1 of EO No. 888 and COA Cir. No. 89-296
48
It is conducted to observe the physical condition of the property to be disposed.
Inspection
An ocular inspection is usually done to have a first-hand observation of the conditions of the property. Its objective is to supplement theoretical computations of value with first hand observation of the condition of the property.
49
This is usually done to attain more realistic valuation of property under disposal based on the actual state or condition of properties being disposed and to provide a reliable basis of ensuring that government recovers a fair return for the disposal of the properties.
Appraisal
50
The objective in computing the appraised value of the property is to set the ______________ so that the government shall receive fair compensation on the items. The _____________ shall prepare their appraisal report.
government’s minimum selling price
Disposal Committee member, including the owning agency
51
An estimate or opinion of the value of an adequately described property as of a specific date transmitted in writing and supported by presentation and analysis of relevant and factual data.
Appraised Value
52
Unserviceable property which can still be repaired or reconditioned shall be appraised at ____________.
sound value
52
Unserviceable property which can no longer be repaired or reconditioned shall be appraised at ____________.
scrap or junk value
53
Unserviceable property which can still be repaired or reconditioned and property that is no longer needed but is still functional shall be appraised at _______. If not it shall be appraised based on its ________. If CMV and AC are not available, the property shall be appraised at _____________.
current market value (CMV)
Acquisition Cost (AC)
Sound Value
54
These are not covered under these guidelines
Antique property
Works of art
appraised by the National Museum
Real Estate
separate set of guidelines.
55
For imported vehicles and mechanized equipment, each component that has no available local replacement shall be treated as ______ exclusive of the other components that are available in the domestic market.
junk
56
They shall ensure that the corresponding forms for disposal have been properly accomplished.
Inspection Committee
57
This form is used for the disposal of vehicles, equipment, furniture and inventory items. This form should also contain the list of missing parts, if any, which should be accompanied by a certification of the property officer or custodian as to whether the missing parts were removed for future stock or have been utilized already for repair purchases.
Inventory and Inspection Report of Unserviceable Property
58
This form is used in the disposal of waste materials which result from the consumption or utilization of inventory items, and covers damaged equipment parts, empty containers, and remnants salvaged from destroyed or damaged fixed assets.
Waste Materials Report
59
The _______ shall likewise accomplish the checklist for unserviceable equipment. The checklist shall indicate the individual component/part of the equipment with their condition whether serviceable, or missing, etc. The agency should device their own forms that are most appropriate to the equipment for appraisal.
appraiser
60
If the property to be appraised is no longer available for inspection, as in the case of lost or burned equipment, the appraiser shall forego the ocular inspection and proceed to the ___________________.
succeeding appraisal step
61
It is the systematic and gradual allocation of the depreciable amount of asset over its useful life.
Depreciation
62
Depreciation shall be computed using the ____________. It shall start on the _________ of purchase.
Straight Line Method
second month
63
Purchase or Acquired Value of the Asset
10% of the asset cost
Estimated number of years the asset shall be used as determined by COA
Asset Cost
Estimated Salvage Value
Estimated Useful Life
64
Basic Price Information
the prevailing market/advertised prices of used equipment/cars of the same or similar models.
Current Market Value (CMV)
65
Basic Price Information
the price at which property was acquired.
Acquisition Cost (AC)
66
Basic Price Information
the price comparable or similar to new property of the current year.
Replacement Cost New (RCN)
67
Contributory/Other Price Information
1. Prices from second hand re-builders or reconditioned machines, cars or equipment.
2. Current exchange rates for acquisition year and current year.
68
This term describe the property in excellent condition which is capable of being used to its fully specified purpose without being modified and not requiring any repair or abnormal maintenance at the time of inspection or within the foreseeable future.
Very good (VG) (80-100%)
69
This term describes a property that has been modified or repaired and is being used to its fully specified utilization but the effect of age on its utilization indicate that some minor repairs have to be made or that the item may have to be used to some slightly lesser degree than its fully specified utilization in the foreseeable future.
Good Condition (G) (55-75%)
70
This term describes a property which is being used at some point below its fully specified utilization because of the effects of age and/or utilization and which require general repairs and some replacement of minor elements/components in the foreseeable future to raise its level of utilization to or near their original specifications.
Fair Condition (F) (35-50%)
71
This term is used to describe a property that can only be used at some point below its fully specified utilization. There is no possibility to realized its full capability in the current condition without extensive repairs or the replacement of the major elements in the near future.
Poor Condition (P) (15-30%)
72
This term is used to describe a property that is no longer serviceable. It cannot be utilized to any practical degree regardless of the extent of the repair or modification to which they may be subjected (beyond economical repair). This condition has used up to 100 percent of its useful life.
Scrap Condition (S) (0-10%)
73
The gap in percentage allocation is aimed to delineate the closeness of factors between condition categories. The _____ difference in each case clearly sets the limits of percentage range.
4%
74
For ______________ which have no major components but is treated as a whole unit, condition factor shall be equal to the condition rating of the unit itself.
With respect to ___________, the condition factor is the sum of condition rating x % weight of all components.
furniture and non-mechanized implements
vehicles, mechanized equipment, etc. that are made up of several components
75
In case of property that is no longer available for inspection, as in the case of lost or burned equipment for which accountability is being assessed, the condition factor shall be assumed to be _____
1.0
76
When CMV, AC and RCN are all available, _______ shall be adopted in the computation of the appraise value.
CMV
77
This shall be taken from advertised prices of used equipment of the same or similar models from newspapers, publications of associations, etc. of general circulation.
CMV
There should be at least two (2) advertised prices for similar properties, the lowest of which shall be considered as CMV in the computation of the AV.
78
When property is still operational/functional or can be repaired or when Current Market Value is Available
Where:
AV
CMV
CM1
CM2
Appraised Value
Current Market Value
Condition Factor of the Property
Condition Factor of the Advertised/Canvassed Property
79
When __________ is available, the correct cost indicated in the ARE shall be recognized
Acquisition Cost (AC)
the correct cost indicated in the ARE shall be recognized as AC if the Purchase Order/Invoice are no longer available.
80
For Imported Property
AV = (AC X CFF) x CF
Where:
AC
CFF
CF
Acquisition Cost
Currency Fluctuation Factor
Condition Factor of the Property
81
For Locally Manufactured Properties
The formula shall apply to properties that are one hundred percent 100% sourced locally and no part of which is imported (Ex. Furniture, steel cabinets, etc.)
AV = (AC X PIF) x CF
Where:
PIF
Price Index Factor
82
When RCN is available, the formula shall only apply in the CMV and AC that are not available.
Where:
RCN
ERL
EUL
Replacement Cost – New
Effective remaining Useful Life
Estimated Useful Life
83
For waste materials and property that are unserviceable and can no longer be repaired/reconditioned, the ________ shall determine the unserviceability of the property and shall be supported with the Property/Equipment Card and Checklist of Unserviceable Vehicles/Heavy Equipment.
AV = Junk Value
end user
84
It is based on prevailing price of scrap metal or lumber whichever is appropriate, canvass for the current market price per unit, weight and multiply by the actual weight of the waste materials/property to get the appraise value.
Junk Value
85
Computers and their peripherals shall be appraised based on their ________ due to obsolescence brought about by the rapid change and development in the industry.
junk value
86
The unserviceable property may be sold at public auction to the highest bidder under the supervision of the ____________
BAC on Disposal.
87
The awardee shall pay, claim and withdraw the property upon the determination of the winning bidder. The _________ shall be considered as partial payment and the difference between such payment and the offered bid price shall be paid in the form of ________________. Full payment shall be made _________ from the date of
the notice of award.
bid bond
cash or cashier’s/manager’s check of a reputable bank
within 5 working days
88
In addition to the purchase price, taxes, custom duties or charges in connection with the sale shall be borne by the _____________.
awardee
89
Claims shall be made only by the awardee after the bid price is fully paid as evidenced by an _____.
official receipt
90
The _________ of the owning agency shall accomplish a tally sheet as evidence of actual delivery. ___________ and the ________ acknowledging receipt of the items shall sign the tally-out sheet.
Property/Supply Officer/Designated Property Custodian
Authorized agency official and the buyer
91
Claims shall be made within the period as scheduled by the ____________ but not more than 30 days after
awarding.
Disposal Committee
Failure on the part of the awardee to claim the property within the stipulated period shall have effect on the cancellation of the award/contract. The awardee shall then be charged storage fees and other incidental fees/costs or damages, i.e., cost incurred in the conduct of another public bidding or negotiation. If the property remains unclaimed over a prolonged period of time, ownership of the contracted/awarded property shall automatically revert to the government. The government shall then have the right to dispose the property to whatever mode of disposal deemed most advantageous to the government.
92
Accomplish the pertinent portions of the _____________, Report of Waste Materials or Invoice-Receipt for Property upon disposal of the property. These reports shall be the bases of dropping the property from the books of accounts and for taking up the proceeds from the sale of property.
Inventory & Inspection Report
93
This reconstituted the membership of the
Committee on Disposal
EO No. 309 and 888
94
EO No. 309 and 888 reconstituted the membership of the Committee on Disposal:
A senior official with function not lower than the level of an Assistant Secretary for a department and Assistant Director for a bureau/agency or Department Head for a GOCC
Chairman
95
EO No. 309 and 888 reconstituted the membership of the Committee on Disposal:
Member
Member
Member - - - Head of Administrative Unit
Member - - - Head of the Property Unit
96
EO No. 309 and 888 reconstituted the membership of the Committee on Disposal:
A _________ and ______ manned by the regular personnel of the office concerned shall be formed to handle all the committee’s technical and administrative matters as well as the safekeeping and systematic filing of disposal committee documents and records.
secretariat and technical staff
97
This shall be done through pounding, breaking, shredding, throwing or any other method by which the property is disposed beyond economic recovery. Destruction shall be made in the presence of the Disposal Committee.
Condemnation/Destruction of Property
Destruction or condemnation shall be resorted to only under any of the following instances:
* when the unserviceable property has no commercial value;
* cannot be sold (no buyers);
* is hazardous, or is beyond economic repair;
* when there is no willing receiver; or;
* when the appraised value is less than the administrative cost of sale.
98
The government property can be transferred to any government office or agency with or without cost upon the request of the owning agency or office. The cost herein refers to the payment based on the appraised value of the property. Upon the initiative of the owning agency or upon submission of request to the owning agency, property recommended for disposal may be transferred to another government agency/entity.
Transfer of Property
99
Government property may be given to charitable, scientific, educational or cultural institutions without cost subject to existing government rules and regulations on disposal.
Donation of Property
100
It can be done though a Public Bidding (PB) subject to existing government rules and regulations on disposal. The PB can be done thru sealed public bidding when circumstances warrant by viva voce or through ____________ as a result/consequence of failed bidding.
Sale of Unserviceable Property
Negotiated Sale
101
Awarding of Bids
* to the highest complying bidder.
* When two (2) or more bidders made identical offers, ____________ between those who made identical bids shall be resorted to at a price not less than the offered bids.
* Awarding of bids should be done immediately after the opening bids if practicable.
public auction viva voce
102
Pursuant to this, “When government property has become unserviceable for any cause or is no longer needed, it shall upon application of the officer accountable therefore, be inspected by the head of the agency or his duly authorized representative. If found to be valueless or unserviceable, it may be destroyed or it may be sold at public auction to the highest bidder under the supervision of the proper committee on award or similar body. In the event that public auction fails, the property may be sold at a private sale at such prices as may be fixed by the same committee or body concerned.
Sec. 79 of PD 1445
103
Determining Factors of Unserviceable Property
Property which can no longer be repaired or reconditioned;
Property whose maintenance costs of repair is beyond the benefits and services that will be derived from its continued use;
Unnecessary serviceable property that has been rendered due to the of change in the agency’s functioned or mandate;
Unused supplies, materials and spare parts that were procured in excess of requirements; and
Unused supplies and materials that are dangerous to use because of long storage or the use of it is determined to be hazardous/dangerous.
104
The accountable officials shall submit to the Disposal Committee through their respective heads of offices the following accomplished forms:
_____________ for semi-expandable materials and equipment and non expandable supplies, accompanied by any of the following:
1. Individual survey report duly certified by the Supply Officer/Property Custodian and Head of Office.
2. List of missing spare parts duly certified by the Supply Officer/Property Custodian and Head of Office.
3. Stencils of chassis and engine numbers of motor vehicles and
4. Current photographs in two positions.
5. Waste Materials Report for expandable and consumable, materials and supplies including spare parts, empty containers, and remnants from destroyed or damaged fixed assets.
* Valueless Records/Documents
Inventory and Inspection Report of Unserviceable Property
105
Relief from Property Accountability
It is the function of the _____________ to credit losses of property or act on application for relief of accountability. Loss of property may be credited when the loss occurs while the property is in transit or is caused by fire, theft and other casualty or force majeure.
Commission on Audit (COA)
106
Procedures and Requirements for Relief from Accountability
The accountable officer shall:
1. notify immediately the property officer/custodian and auditor about the loss of property;
2. submit within thirty (30) days an application for relief including the following documents;
2.1 Affidavit executed by the accountable officer stating the following facts;
property loss and its valuation;
Actual date in which the absence was first noted;
Manner of loss
Efforts put forth to recover the same;
Provisions made to safeguard the property; and
Date when the loss was reported to the auditor and the police authorities
2.2 Joint affidavit of two (2) disinterested persons attesting to the facts and circumstances about the loss. In case it is not possible to obtain the statement of two disinterested persons and only one is available or none at all, such fact should be set forth in the affidavit of the person requesting relief, giving the reasons therefore;
2.3 Final Police report showing the actions undertaken to recover the property loss including actions to apprehend the suspect(s) and the present status of the case;
2.4 Comments and recommendation of the head of office;
2.5 Comments and recommendations of the auditor.
2.6 Certification from Police/Fire Chief/Provincial Governor/Mayor or other competent authority when destruction was brought by natural calamity and/or insurgency;
2.7 Inspection Report on the extent of damage on the insured property;
2.8 Evidence on the immediate issuance of the notice of loss of accountable forms as required under ___________; and
2.9 Copy of acknowledgement receipt of equipment or property lost;
COA Circular No. 84-233 dated August 24, 1984
107
Request for relief from the property accountability may be granted or denied based on the evidences presented.
Granting or Denying the Request for Relief
108
Power to Grant Relief from Accountability
The application for relief shall be determined based on the supporting documents and evidences submitted to the authorized personnel. Therefore, the Accountable Officer shall immediately notify the auditor concerned within 30 days whenever there is loss of government supplies, materials or equipment while in transit or the loss is caused by fire, theft and other casualty or force majeure. Any officer who fails to comply with the requirement shall not be relieved or allowed credit for any settlement of his accounts according to __________
Sec 73, PD 1445
109
