FC 272 procedures for acquiring goods and services Flashcards
1
Q
fixed assets which have a unit value of more than $5K or more and have a useful life of more than one year are ____
A
capital outlay
2
Q
When the value of a purchase is under $5k the means of purchase is a ____
A
direct purchase order
3
Q
Procurement for goods and services over $5K require ____
A
bid;proposal;non competitive; informal solicitation process
4
Q
emergency funds for purchases up to $100 comes from ___
A
petty cash
5
Q
Request for goods or services are placed via MCP ___
A
700 request for purchase
6
Q
Management and budget provides their approvals prior to ___ each fiscal year
A
July 15
7
Q
any employee contacted directly by a vendor regarding product/ service will refer the vendor to ___
A
management and budget division
