MCPPO Contracting Overview-Public Purchasing Principles Practice Questions and Answers|100% Pass
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Course
2024/2025
Institution
2024/2025
MCPPO Contracting Overview-Public
Purchasing Principles Practice Questions
and Answers|100% Pass
Public Purchasing Objectives: - Answer-obtain the materials, services and facilities required by public
organizations, when and where the materials, services, and facilities are needed, at the best ...
#2-Estalishing responsibility for executing transactions? - Answer✔✔-The organization should clearly
establish and document which positions within the organization are responsible for carrying out
specifically defined transactions and should provide a detailed description of the procedures for carrying
out and documenting each type of transaction
#3-Segregation of duties? - Answer✔✔-segregation of duties means that no employee should be in a
position to carry out an improper transaction and then conceal it. In other words, a single individual
should not have the ability to authorize a transaction, carry out the transaction, records the transaction,
maintain custody of the assets resulting for the transaction, and control the books and records relating
to the transaction. For example, in the context of procurement of supplies, no single employee should be
able to authorize a purchase, issue a purchase order, verify receipt of the ordered good, and approve
payment of the resulting invoices. Vesting absolute control in one person invites embezzlement, theft
and fraud, and collusion. These duties should be segregated by assigning them to several individuals.
#4-Control of Access to Assets and Records? - Answer✔✔-Reasonable care should be taken to maintain
physical security over assets. The term "assets" refers generally to items, equipment, and furnishing that
are the property of the public organization. Inventories should generally be maintained in locked storage
areas accessible only to designated individuals. The organization should establish a sign-out system to
keep track of value items such as tool that are needed temporarily by employees. items such as laptop
computers can be assigned on a long-term basis to employees who need them, and a designated
individual should be responsible for maintaining records pertaining to these assignments. the internal
control system should ensure that employees are held accountable for valuable equipment that they
need to use in connection with their jobs. Controlling access to records is also very important. specific
positions should have responsibility and physical control over designated categories of records. Similarly,
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