GFEBS Spending Chain - Government Purchase Card Questions and Answers | Latest Update | 2024/2025 | 100% Pass
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GFEBS Spending Chain - Government Purchase Card
Institution
GFEBS Spending Chain - Government Purchase Card
GFEBS Spending Chain - Government
Purchase Card Questions and Answers |
Latest Update | 2024/2025 | 100% Pass
What is the purpose of the Government Purchase Card (GPC)?
The GPC is used for making small purchases to streamline procurement processes and
reduce paperwork.
Who is typically a...
GFEBS Spending Chain - Government
Purchase Card Questions and Answers |
Latest Update | 2024/2025 | 100% Pass
What is the purpose of the Government Purchase Card (GPC)?
✔✔ The GPC is used for making small purchases to streamline procurement processes and
reduce paperwork.
Who is typically authorized to use a Government Purchase Card?
✔✔ Only designated individuals, known as cardholders, who are authorized by the government
to make official purchases.
What is the Spending Chain in relation to the Government Purchase Card?
✔✔ The Spending Chain refers to the series of processes from requesting goods and services,
making purchases, and recording the transactions in GFEBS.
What type of purchases are allowed using the Government Purchase Card?
✔✔ The card is generally used for low-cost, micro-purchases, such as office supplies or services
under a specific threshold.
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, What is the role of the cardholder in the GPC program?
✔✔ The cardholder is responsible for making authorized purchases, ensuring compliance with
regulations, and maintaining proper documentation for each transaction.
How are GPC transactions recorded in GFEBS?
✔✔ GPC transactions are recorded in GFEBS through the Spending Chain module, where they
are tracked and reported for auditing and financial purposes.
Why is it important to reconcile GPC transactions?
✔✔ Reconciliation ensures that all purchases are accurately recorded, funds are properly
allocated, and there are no discrepancies or unauthorized charges.
What documentation is required for each GPC purchase?
✔✔ Documentation such as receipts, invoices, and transaction logs must be maintained to
support the legitimacy of each purchase.
What is the approval process for Government Purchase Card transactions?
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