105. Acquisition and Procurement

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6 Terms

1
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Acquisition

Process of obtaining goods and services

2
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Procurement

Encompasses the full process of acquiring goods and services, including all preceding steps

3
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Purchase Options an org might use

Company credit card

Individual purchase

Use of purchase orders

4
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Company credit card

Good for small purchases that must be made quickly; Employees are just able to purchase directly via company’s funds

5
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Individual purchase

Employees buy on their company’s behalf and then later seek reimbursement

6
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Use of purchase orders

Formal document that the financial department gives that says they will pay us for buying stuff within X days