BOMI: Budgeting & Accounting Ch 4 Key
Concepts.
Vendors supplying ___________ and __________ uniformly on a __________ basis are empowered to
do so via a ______________________ generally for a ___________ or longer.
goods; services; monthly; contract; year
Which services usually fall under a monthly contract?
Janitorial, security, landscaping, elevator/escalator, HVAC maintenance, pest control, metal maintenance,
waste removal/recycling
What should be done after a bid is accepted and the contract is negotiated?
Vendor information should be added to the vendor database under a specific vendor ID number.
What vendor information should be assigned to a vendor ID number?
legal name, remittance address, federal tax i.d. number, minority status, and entity type,
After a price is negotiated on the goods or services what document is prepared to bind the vendor to
that pricing structure?
A purchase order.
What does the purchase order system provide to the vendor and purchasing entity?
Assurance the the expenditures has been approved by an authorized person. Additionally, it spells out
the the specific parameters of the requested goods and services.
Invoices should be ...
receive-date stamped and matched with the appropriate purchase order.
What is the first step in coding an invoice?
To review the budget to determine if the expense item was anticipated in the budget.
At the end of the accounting period paid invoices are ...
Posted or transferred from the the paid invoices file to each individual expense category in the general
ledger based on the assigned expense code.
Allocation of salaries should be based on what?
The employees work on different projects or buildings.
Allocation of salaries and related pay roll costs may be made done by?
Hours spent, percentage split, percentage of square footage occupied, or some other reasonable
measurement.
Concepts.
Vendors supplying ___________ and __________ uniformly on a __________ basis are empowered to
do so via a ______________________ generally for a ___________ or longer.
goods; services; monthly; contract; year
Which services usually fall under a monthly contract?
Janitorial, security, landscaping, elevator/escalator, HVAC maintenance, pest control, metal maintenance,
waste removal/recycling
What should be done after a bid is accepted and the contract is negotiated?
Vendor information should be added to the vendor database under a specific vendor ID number.
What vendor information should be assigned to a vendor ID number?
legal name, remittance address, federal tax i.d. number, minority status, and entity type,
After a price is negotiated on the goods or services what document is prepared to bind the vendor to
that pricing structure?
A purchase order.
What does the purchase order system provide to the vendor and purchasing entity?
Assurance the the expenditures has been approved by an authorized person. Additionally, it spells out
the the specific parameters of the requested goods and services.
Invoices should be ...
receive-date stamped and matched with the appropriate purchase order.
What is the first step in coding an invoice?
To review the budget to determine if the expense item was anticipated in the budget.
At the end of the accounting period paid invoices are ...
Posted or transferred from the the paid invoices file to each individual expense category in the general
ledger based on the assigned expense code.
Allocation of salaries should be based on what?
The employees work on different projects or buildings.
Allocation of salaries and related pay roll costs may be made done by?
Hours spent, percentage split, percentage of square footage occupied, or some other reasonable
measurement.
