Dictionary of Procurement Terms

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  • Field Purchase Order (FPO)

    A type of purchase order with a pre-approved maximum value used to expedite the acquisition of non-recurring goods and services necessary for business operations. An FPO is used for occasional, unexpected business expenditures i.e., the breakdown of a company vehicle in the middle of a delivery trip.

  • FIFO


    See Also: First In-First Out (FIFO)

  • 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.

  • Final Inspection

    A review or examination of a product, service, or construction by the purchaser to assure that the seller/contractor has conformed to all applicable specifications and requirements before making final payment.

  • Final Payment

    Payment made for completed services after all offsets are calculated and claims are completed.

  • Financial Audit

    An audit conducted to determine whether all funds are properly accounted for, to verify the accuracy of financial statements and the facts they represent, and to ensure that financial transactions are recorded and shown accurately in all accounts.

  • Financial Coding

    CANADIAN Coding that identifies a financial account and is used as part of a system of accounts.

  • Financial Interest

    1. Ownership of any interest in, or involvement in any relationship that, or as a result of which, a person has recently received, or will receive, a sum of money (or something of value). 2. Holding any position in a business or any position of management.

  • Financial Lease

    A lease used to obtain financial leverage and related long-term benefits. Generally long-term, for a fixed period of time just short of the approximate life of the equipment being leased. Usually of two types full payout (the lessee pays the full purchase price plus interest charges plus maintenance, insurance and administration costs) and partial payout (gives the lessee credit for the residual value of the leased item after the lease period is complete). (Schiller, 2000)

    See Also: Operating Lease

  • Financial Ratio

    A number that shows the relationship between two elements of a firm’s financial statement.

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