Inventory and Control of Department Fixed Assets

Question 1

This written directive establishes guidelines and procedures for the control and maintenance of ________ ________.

Answer 1

Department Equipment.

Question 2

Definition: A seven digit control number assigned to each piece of nonexpendable equipment.

Answer 2

Asset Number

Question 3

Definition: A position within the Financial Services Unit (FSU) with the responsibility of maintaining accurate records on all nonexpendable equipment owned by the department.

Answer 3

Inventory Control Officer

Question 4

Definition: The member of each element who conducts or is responsible for conducting the inventory of the nonexpendable equipment.

Answer 4

Inventory Member

Question 5

Definition: Equipment with a value of $500 or more that is not reasonably expected to be used up or destroyed in normal service and considered to be a fixed asset.

Answer 5

Nonexpendable Equipment

Question 6

A complete inventory of ______ _______ shall be established and maintained by the FSU.

Answer 6

Nonexpendable Equipment

Question 7

All nonexpendable equipment will be assigned an _______ ______ by the Inventory Control Coordinator.

Answer 7

Asset Number

Question 8

A contents _______ policy is purchased annually based on the value of department contents.

Answer 8

Insurance

Question 9

The inventory printouts and instructions shall be disseminated to the ______ ____, who will forward them to the _______ ______.

Answer 9

Division Commander / Inventory Member

Question 10

The Inventory Member will conduct inventory during the ______ month of the calendar year.

Answer 10

Last

Question 11

The printout of the inventory list should be received by the Accounting Section no later than ______ calendar days after receiving the request that the inventory was complete.

Answer 11

Thirty (30)

Question 12

New equipment requisitions will be processed by the _______ Section.

Answer 12

Purchasing

Question 13

The _______ Section will be notified by the Purchasing Section that new equipment will be added to the receiving element’s inventory.

Answer 13

Accounting

Question 14

Whenever equipment such as an office machine needs repair, the _________ Section will be notified via telephone or email.

Answer 14

Accounting

Question 15

When office furniture is in need of repair or replacement, the _________ Section will be notified by phone or email.

Answer 15

Purchasing