Exam (elaborations)
BOMI: Budgeting & Acctg Ch 4 Key Concepts – Questions And Answers
- Course
- Institution
BOMI: Budgeting & Acctg Ch 4 Key Concepts – Questions And Answers
[Show more]
Content preview
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.
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller LeCrae. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76462 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now