CPPS - Module 1 question with 100% correct answers 2023

CPPS - Module 1 question with 100% correct answers 2023Accountability - correct answer To possess and have use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. Note those "accountable do not have legal or rightful title to the property. Ownership - correct answer Having legal or rightful title to property. Responsibility - correct answer To be answerable for a trust or obligation. Two key decisions when defining the "control" population of property within an organization. - correct answer 1. What will be controlled 2. To what level of detail will it be controlled. Cornerstone of property control - correct answer Communication and training Property Management - correct answer The exercise of a restraining or governing influence over the acquisition, use, and disposition of personal property. Property Management Office (PMO) - correct answer The department within an organization that is responsible for controlling or managing property. Ensures assets are controlled, preserved, protected, and maintained. Records - correct answer Generally established during the receiving process and modified throughout the property life cycle. Includes asset identification, description, manufacturer, model number, serial number, date of receipt, location, financial codes, acquisition code, assignment of responsibility, and acquisition method. Acquisition - correct answer The act of acquiring; the acquiring of property or services by contract with appropriated funds through purchase or leas, whether the property or services are already in existence or must be created, developed, demonstrated or evaluated.