Exam (elaborations)
BOMI: Budgeting & Acctg Ch 4 Key Concepts – Questions And Answers
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BOMI: Budgeting & Acctg Ch 4 Key Concepts – Questions And Answers
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BOMI: Budgeting & Acctg Ch 4 Key Concepts –Questions And Answers
Vendors supplying ___________ and __________ uniformly on a __________ basis are
empowered to do so via a ______________________ generally for a ___________ or
longer. Right Ans - goods; services; monthly; contract; year
Which services usually fall under a monthly contract? Right Ans - Janitorial,
security, landscaping, elevator/escalator, HVAC maintenance, pest control,
metal maintenance, waste removal/recycling
What should be done after a bid is accepted and the contract is negotiated?
Right Ans - Vendor information should be added to the vendor database under
a specific vendor ID number.
What vendor information should be assigned to a vendor ID number? Right
Ans - legal name, remittance address, federal tax i.d. number, minority status,
and entity type,
After a price is negotiated on the goods or services what document is
prepared to bind the vendor to that pricing structure? Right Ans - A
purchase order.
What does the purchase order system provide to the vendor and purchasing
entity? Right Ans - Assurance the the expenditures has been approved by
an authorized person. Additionally, it spells out the the specific parameters of
the requested goods and services.
Invoices should be ... Right Ans - receive-date stamped and matched with
the appropriate purchase order.
What is the first step in coding an invoice? Right Ans - To review the
budget to determine if the expense item was anticipated in the budget.
At the end of the accounting period paid invoices are ... Right Ans - Posted
or transferred from the the paid invoices file to each individual expense
category in the general ledger based on the assigned expense code.
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