answers 2025\2026 A+ Grade
What is the document most organizations use that describes and conveys the process steps taken to
produce a desired result?
- correct answer Procedure
Which of the following terms means "to possess and have use of property of another with delegated
responsibilities"?
- correct answer Accountability
What element is crucial to the entire process of the property control system?
- correct answer Records
When does the Acquisition begin?
- correct answer Needs have been defined
What is the first step of the approval process when making a purchase?
- correct answer 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 _________.
- correct answer Advanced technology
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?
- correct answer Receiving
What establishes delegation of authority for signature approval thresholds and types of property for
those signature levels?
- correct answer Organization procedure
, 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 ___________.
- correct answer Invoice
A ________________________ provides receiving activity information as well as a way to trace items
that are lost or misappropriated during the receiving process or during delivery from the receiving area.
- correct answer Receiving voucher log
What is a disadvantage of centralized receiving?
- correct answer Slower turn-around time for deliveries
What information is NOT typically recorded in a receiving voucher log?
- correct answer Purchasing department order date and cost
Why is it important that the Receiving department inspect for damage?
- correct answer Provide information for a potential return of the item to the vendor
What is one accomplishment by tagging of new, incoming property?
- correct answer Establishes the official record for that item
Types of property that generally require serialized tags are:
- correct answer Government property sensitive property
Reasons accountable property is tagged because of its sensitivity, requirement for control and what?
- correct answer Dollar value
What does the accuracy of bar-code technology depend on?
- correct answer The accuracy of the data capturing process
Assets acquired by the subcontractor must be tagged in accordance with the _____________ policies
and procedures unless otherwise specified in the subcontract award document.
- correct answer Prime contractor's