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2. Which of the following terms means "to possess and have use of property of another with delegated
responsibilities"? (pg. 1-2)(Chapter 1) - correct ans:c. Acountability
, 1. What is the document most organizations use that describes and conveys the process steps taken to
produce a desired result? (pg. 1-2)(Chapter 1) - correct ans:a. Procedure
3. What element is crucial to the entire process of the property control system? (pg. 1-7)(Chapter 1) -
correct ans:b. Records
4. When are property records modified? (pg. 1-7)(Chapter 1) - correct ans:c. Throughout the property
life cycle
5. What does reutilization reduce? (pg. 1-15)(Chapter 1) - correct ans:d. Redundant
1. When does the Acquisition begin? (pg. 2-2)(Chapter 2) - correct ans:a. Needs have been defined
2. What is the first step of the approval process when making a purchase? (pg. 2-2)(Chapter 2) - correct
ans:c. Obtaining approval to spend budgeted organizational funds
3. When a decision has been made to buy new equipment, considerations should be
decided, such as: immediate availability, extended service warranties, and _________.
(pg. 2-4)(Chapter 2) - correct ans:b. Advanced technology
4. When a Purchase Order has been completed, Purchasing should provide a copy of the Purchase Order
to property management, the originator, accounts payable, and what other department? (pg. 2-6)
(Chapter 2) - correct ans:d. Receiving
5. What establishes delegation of authority for signature approval thresholds and types of
property for those signature levels? (pg. 2-2)(Chapter 2) - correct ans:a. Organization procedure
1. In organizations having online financial systems, documentation is created electronically
and is retained in the system's transaction history. It is often used as part of a three-way
match of transactions prior to payment: the PO, the receiving documentation, and the