Insurance against losses resulting
from the dishonesty of an employee.
A legal obligation to act solely in
accordance with the best interests of another
Monies used to account for
assets held in a trustee or agency capacity for
others and which cannot be used to support
the entity’s own programs.
Field Purchase Order (FPO)
A type of purchase
order with a pre-approved maximum value
used to expedite the procurement of nonrecurring
goods and services necessary for
business operations under delegated
authority to field staff. An FPO is used for
occasional, unexpected business
expenditures (e.g., the breakdown of a
company vehicle in the middle of a
Final Cost Objective
A cost objective whose costs
are not assigned to any other cost objective
and is, therefore, one of the final points for
accumulating costs in the accounting system.
A review or examination of a
product, service, or construction by the
purchaser to ensure that the seller/contractor
has conformed to all applicable specifications
and requirements before making final
Payment made for completed
services after all offsets are calculated and
claims are completed.