Governmental bid full financial status review

Define the process you will use and address the following assessed classroom discussion o What procedures will be used to collect accounting evidence?

Governmental bid full financial status review

Governmental bid full financial status review

The following table lists some of the most commonly used procurement-specific phases and terms along with their definitions. Through the 8 a Program, eligible firms can be awarded government contracts on a sole-source, noncompetitive basis. The program is named for the section of the Small Business Act that authorizes its policies and procedures.

Acceptance The act of an authorized government representative buyer by which the government assents to ownership of existing and identified supplies or approves specific services rendered, as partial or complete performance of a contract.

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Acquisition The acquiring by contract with appropriated funds of supplies or services including construction by and for the use of the Federal Government through purchase or lease, whether the supplies or services are Governmental bid full financial status review in existence or must be created, developed, demonstrated, and evaluated.

Acquisition begins at the point when agency needs are established and includes the description of requirements to satisfy agency needs, solicitation and selection of sources, award of contracts, contract financing, contract performance, contract administration, and those technical and management functions directly related to the process of fulfilling agency needs by contract.

Addenda Supplements to the bid or proposal form as originally issued, covering additions, corrections, or changes in the bidding conditions for the advertised work.

Addenda are issued to prospective bidders prior to the date set for opening of proposals. Affiliates According to the SBA, affiliation exists when one business controls or has the power to control another or when a third party or parties controls or has the power to control both businesses.

Control may arise through ownership, management, or other relationships or interactions between the parties. Amendment A change to a solicitation before contract award. Award Any mechanism, signed by a contracting officer, providing government funds or other resources to an offeror that permits expenditure of such government funds or use of such government resources.

Basic Ordering Agreement BOA A Basic Ordering Agreement is a written instrument of understanding, negotiated between an agency, contracting activity, or contracting office and a contractor, that contains 1 terms and clauses applying to future contracts orders between the parties during its term, 2 a description, as specific as practicable, of supplies or services to be provided, and 3 methods for pricing, issuing, and delivering future orders under the basic ordering agreement.

A basic ordering agreement is not a contract. Best value A procurement system that looks at factors other than only price, such as quality and expertise, when selecting vendors or contractors. Bid An offer to perform the work described in a contract at a specified cost. Government bids are generally cost-specific, based on the cost of labor, materials, profit, and overhead.

Bids are normally not negotiated and cannot be changed once accepted by the owner. Bids are time sensitive and are generally good for 30 to 60 days after the bid opening.

Bid Documents The advertisement or invitation to bid, instructions to bidders, the bid form, and the proposed contract documents including any addenda issued prior to receipt of bids. An arrangement under which a purchaser contracts with a vendor to provide the purchaser's requirements for an item s or a service, on an as-required and over-the-counter basis.

Properly prepared, such an arrangement sets a limit on the period of time it is valid and the maximum amount of money that may be spent at one time or within a specified period and specifically identifies these persons authorized to accept goods.

Bundled Contract A contract where the requirements have been consolidated by bundling. Bundling Consolidating two or more requirements for supplies or services, previously provided or performed under separate smaller contracts, into a solicitation for a single contract that is likely to be unsuitable for award to a small-business concern.

Central Contractor Registration CCR database The primary Government repository for contractor information required for the conduct of business with the Government.

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It has been replaced by SAM. Certificate of Competency A certificate issued by the Small Business Administration SBA stating that the holder is "responsible" in terms of capability, competency, capacity, credit, integrity, perseverance, and tenacity for the purpose of receiving and performing a specific government contract.

Claim A written demand or written assertion by one of the contracting parties seeking, as a matter of right, the payment of money in a sum certain, the adjustment or interpretation of contract terms, or other relief arising under or relating to the contract. Closeout The process in which the awarding agency determines that all applicable administrative actions and all required work of the award have been completed by the recipient and the awarding agency.The Financial Review division was established for the purpose of reviewing financial records and accounting of local governing school boards and assisting local units of administration in training personnel in financial and budgetary accounting.

You are the internal accountant at a company that is preparing for an upcoming government contract bid. The management in your company is deciding if it is necessary for the company to perform a full financial status review prior to the bid.

GAO provides fact-based, nonpartisan information to Congress. Often called the "congressional watchdog," GAO investigates federal spending and performance. Comprehensive Annual Financial Report (CAFR) Brief for the City of Topeka, Kansas Abstract The comprehensive annual financial report (CAFR) is prepared by governments—state, city, county, or municipalities—that allows the citizenry the opportunity to review the performance of fiscal responsibilities with all funds and activities of the primary government.

Acc Entire Course (Forensic Accounting) Essays. Words The management in your company is deciding if it is necessary for the company to perform a full financial status review prior to the bid. As an internal accountant, prepare a report for management that provides supporting information for a full financial status review .

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Government Contracting Terms & Definitions