CPPS - Study Guide Questions and Answers (100% Pass)
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Course
CPPS
Institution
CPPS
Benefits of an Effective Property Function
→ - Maximize return of Investment
→ - Facilitate Compliance
→ - Maximize reutilization
→ - Depreciation expense
Other names of Property Accounting
→ - Fixed asset accounting
→ - Inventory Control
→ - Material/Property Control
Three k...
CPPS - Study Guide Questions and
Answers (100% Pass)
Benefits of an Effective Property Function
→ - Maximize return of Investment
→ - Facilitate Compliance
→ - Maximize reutilization
→ - Depreciation expense
Other names of Property Accounting
→ - Fixed asset accounting
→ - Inventory Control
→ - Material/Property Control
Three key concepts of Property Management
→ - Ownership
→ - Accountability
→ - Responsibility
Records
, → - Crucial element of Property Control Management
Begin during acqusition process, continues through every related transaction
to include protection, preservation, utilization, maintenance and disposition
→ Records
Cornerstone of effective Property Control
→ Communication, to include routine or special purpose
reports, and Training
Benefits gained by efficient property management
→ - Return of Investment (ROI)
→ -Reutilization of excess property
→ -Compliance of internal and external procedu res
→ -Value of organization
What is Process?
→ The series of steps taken to produce a desired result
,What is Procedure?
→ Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under
certain terms
→ Ownership
Means to possess and have use of company property with delegated duties
and responsibilties
→ Accountability
Key elements of Property Accountabilty
→ - Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability
, → When accountability shifts from one entity to another.... may
or may not include physical relocation of assets
Transfer approval must be coordinated when, how, and why?
→ When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things?
→ 1. Effective date of transfer
2. Purpose of transfer
3. Description of property to be transferred
Bottom line... transfers occur when property and accountability shift from
what?
→ From the using organization to another
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