4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

Quiz 5_Logistics & Transportation

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4. SECTION:

MULTIPLE CHOICE

5. 1. It is the detailed coordination of a complex operation involving people, 1 point

facilities, or supplies. It refers to the "whole" flow management; not only
transportation and delivery of goods and services but also the storage,
handling, inventory, packaging, and various other aspects.

Mark only one oval.

a. Transportation

b. Supply Chain

c. Logistics

d. None of the above

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4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

6. 2. Focuses on the movement of goods from one place to the other. 1 point

Mark only one oval.

a. Transportation

b. Supply Chain

c. Logistics

d. None of the above

7. 3. Refers to the movement of goods between businesses and their suppliers 1 point

Mark only one oval.

a. Inbound Logistics

b. Outbound Logistics

c. Reverse Logistics

d. None of the above.

8. 4. Refers to flow of goods between companies and the end-user/consumer. 1 point

Mark only one oval.

a. Inbound Logistics

b. Outbound Logistics

c. Reverse Logistics

d. None of the above

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4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

9. 5. Products’ movement from the end-user/consumer back to the manufacturer 1 point

Mark only one oval.

a. Reverse Logistics

b. Outbound Logistics

c. Inbound Logistics

d. None of the above

10. 6. Suppliers of expertise to those wishing to sell products overseas but 1 point

lacking the necessary resources.

Mark only one oval.

a. Foreign freight forwarders

b. Export management companies

c. Export trading companies

d. Customs house brokers

11. 7. Handlers of a myriad of foreign freight services: rate quotes, vessel 1 point
chartering, booking of vessel space, handling of documentation and cargo
insurance, tracing and expediting, arranging inland transportation, and
providing translation services.

Mark only one oval.

a. Foreign freight forwarders

b. Export management companies

c. Export trading companies

d. Customs house brokers

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12. 8. Describes the value of the exported/imported goods, their qualities, 1 point

detailed contents, delivery conditions, transport costs, details of the identity of

the sender and the receiver of the goods

Mark only one oval.

a. Documentation

b. Packaging

c. Containerization

d. Freight Damage Claim

13. 9. Helps to ensure that your items arrived and not damaged at their location 1 point

Mark only one oval.

a. Documentation

b. Packaging

c. Containerization

d. Freight Damage Claim

14. 10. Laws and regulations to be place in order to trade products across the 1 point
globe.

Mark only one oval.

a. Documentation

b. Packaging

c. Containerization

d. Importing and Exporting Regulations

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15. 11. Method of transporting treat by placing goods in large containers. 1 point

Mark only one oval.

a. Packaging

b. Documentation

c. Containerization

d. Freight Damage Claim

16. 12. A legal demand by a shipper or consignee to a carrier for financial 1 point
reimbursement for the loss or damage of a shipment.

Mark only one oval.

a. Freight Damage Claim

b. Documentation

c. Containerization

d. Packaging

17. 13. IFRS/PFRS 15 applies to all contracts except: 1 point

Mark only one oval.

a. Product Warranties

b. Delivery/Shipment Contracts

c. Customer Loyalty Programs

d. Lease Contracts

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18. 14. The second biggest chunk for the Logistics Market of the Philippines 1 point

Mark only one oval.

a. Freight Forwarding

b. Warehousing

c. Packaging

d. None of the above

19. 15. The following are the industry challenges faced by Logistics and 1 point

Transportation industry except:

Mark only one oval.

a. Meeting internation financial reporting standards

b. Managing risks and task fraud

c. Maximizing costs

d. Opportunities in the emerging markets

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20. 16. In the transportation industry, companies often perform audits for 1 point
revenue recognition, payroll records, safety policies, equipment maintenance
and legal compliance. Which of the following statement(s) is/are correct?

I. Payroll audits in the transportation industry involve systematically

analyzing mileage records and hourly time sheets against payment records,
looking for discrepancies between earnings and actual payments. If a payroll
audit finds major discrepancies, it reveals that there is fraud in the accounting
system.

II. Transportation companies operate in a highly regulated industry. As such,

compliance audits can be an important activity to perform at least once per
year.

III. Safety audits analyze all documentation related to policies and

procedures, as well as combing through previously filed incident reports to
ensure that policies and procedures are actually being carried out.

Mark only one oval.

a. I and II only

b. II and III only

c. I and III only

d. I, II and III

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4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

21. 17. In application of the IFRS 15 revenue recognition standard Step 1: 1 point
Identifying the contract with a customer in Logistics and transportation
industry, the following statements are considered. Which of the statement(s)
is/are incorrect.

I. As long as the carrier has enforceable rights, simply following

the customary business practices would constitute a contract, which could be
represented as individual customer orders supported by pricing negotiated
with the shipper.

II. If there is a master service agreement in place, this agreement alone, does
provide enforceable rights between the carrier and shipper.

Mark only one oval.

a. I

b. II

c. Both I and II

d. Neither I nor II

22. 18. The performance obligation by a carrier is typically transportation 1 point

services. As part of completing its service obligations, a carrier may perform
services in addition to freight services, such as loading and unloading or
other accessorial services. What is the treatment of these additional services
under IFRS 15?

Mark only one oval.

a. As a separate performance obligation

b. As only one performance obligation

c. Excluded in the perfomance obligation

d. None of the above

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23. 19. Which of the following statement(s) is/are correct in determining the 1 point

transaction price in a logistics/transportation company?

I. An entity must determine the transaction price based on the terms of the
contract and the entity’s customary business practices.

II. For a carrier, the transaction price will likely include mileage revenue, fuel
surcharge, and the accumulation of accessorial fees. The consideration paid
for the carrier will always be fixed based on the contract.

III. The nature of the transaction services provided in carrier operations is

typically short term. As such, there is not a significant financing component to
be accounted for as it relates to these revenue transactions.

Mark only one oval.

I and II only

II and III only

I and III only

I, II and III

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4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

24. 20. In recognition of revenue in logistics/transportation company the following 1 point

statements are applied and considered. Which of the following statement(s)

is/are correct?

I. For recognizing revenue, the new standard requires a carrier to recognize

revenue over time as shippers simultaneously receive the benefit of the
services over the course of the respective trip.

II. To comply with the new revenue recognition standard, the carrier
calculates the revenue in transit as of the end of a reporting period using a
method such as the number of days completed for each trip at year-end, or
the distance traveled as of year-end in comparison to the total trip distance of
each respective trip in progress.

Mark only one oval.

a. I only

b. II only

c. Both I and II

d. Neither I nor II

Problem Solving

Answer the following questions based on the data below. 3 pts each

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4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

Audit of Logistics: Problem Solving

25. 1. How much is the total transportation cost? 3 points

Mark only one oval.

a. 733,000

b. 633,000
36,000+9,000+35,000+70,000+183,000+300,000
c. 663,000

d. 632,000

26. 2. How much is the inventory carrying cost? 3 points

Mark only one oval.

a. 187,000

b. 75,000
187,000+75,000
c. 262,000

d. 332,000

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4/17/24, 10:38 AM Quiz 5_Logistics & Transportation

27. 3. How much is the loading/unloading cost? 3 points

Mark only one oval.

a. 55,000

b. 75,000

c. 90,000

d. 187,000

28. 4. How much is the logistics information costs? 3 points

Mark only one oval.

a. 202,000

b. 132,000

c. 612,000

d. 187,000

29. 5. How much is the administrative cost? 3 points

Mark only one oval.

a. 612,000

b. 550,000

c. 480,000

d. 489,000

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