CPPS - Study Guide Questions With
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Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense - correct answer...✔✔Benefits of an Effective Property Function
Other names of Property Accounting - correct answer...✔✔- Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management - correct answer...✔✔- Ownership
- Accountability
- Responsibility
Records - correct answer...✔✔- Crucial element of Property Control Management
Begin during acqusition process, continues through every related transaction to include
protection, preservation, utilization, maintenance and disposition - correct answer...✔✔
Records
Cornerstone of effective Property Control - correct answer...✔✔Communication, to
include routine or special purpose reports, and Training
Benefits gained by efficient property management - correct answer...✔✔- Return of
Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? - correct answer...✔✔The series of steps taken to produce a desired
result
What is Procedure? - correct answer...✔✔Steps that must be followed to produce
results
Having legal/rightful title to property either by organization or sponsor under certain
terms - correct answer...✔✔Ownership
AGRADESOLUTIONS
,Means to possess and have use of company property with delegated duties and
responsibilties - correct answer...✔✔Accountability
Key elements of Property Accountabilty - correct answer...✔✔- Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability - correct answer...✔✔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? - correct answer...✔✔
When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? - correct answer...✔✔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? - correct
answer...✔✔From the using organization to another
An organization with multiple sites with multiple subunits, change in location is a
______________ and not an _____________________________ - correct answer...✔
✔Change in location is a movement not an interdepartmental transfer
What is responsibility? - correct answer...✔✔to be answerable for a trust or obligation
Property Professional Key distinction Standpoint - correct answer...✔✔One is
accountable to someone for the property while being responsible for certain actions ie
maintenance/storage related to the property or asset
Interdepartmental transfers of property occurs when? - correct answer...✔✔When
property and accountability shift from the using organization to another
What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012) (Ref, (b) (2)
Property Management pertain to? - correct answer...✔✔The Contractor's responsibility
extending from the initial acquisition and receipt of property, through stewardship,
custody, and until use formally relieved of responsibility by means, including delivery,
consumption, expanding, sale (as surplus property), or other disposition, or via
completed investigation, evaluation, and final determination for loss property.
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,What is the Property Control System comprised of? - correct answer...✔✔- Written
policies
- Procedures
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
What defines the roles and responsibilities of each participant in Property Management?
- correct answer...✔✔The Property Control System
The careful and responsible management of operations and property within one's care
is what? - correct answer...✔✔Stewardship
How many functional areas of Property Management are they to control property and
what are they? - correct answer...✔✔15
- Acquisition
- Receiving
- Identification
- Records
- Reports
- Storage
- Movement
- Audits
- Physical Inventory
- Consumption
- Utilization
- Maintenance
- Subtractor Control
- Dispostion
- Contract Closeout
What are the foundation of the property control base? - correct answer...✔✔Property
records
Satisfactory performance of the steps defined in the processes that support the
organization's mission and objectives is what? - correct answer...✔✔Compliance
What are the seven factors that influence where the property function would most be
effectively reside? - correct answer...✔✔1. The type and size of the organization
2. The type, volume, and value of property that must be managed
3. Compliance requirements and related risk to the organization
4. Management groupings of functional areas within an organization
5. The level and type of interface needed with key stakeholders
6. The resources available to staff the function
7. The geographical layout of the organization
AGRADESOLUTIONS
, Who are the key participants in Property Management? - correct answer...✔✔- Chief
Financial Officer or Provost
- Controller's Office
- Program/Project Manager
- The Property Management Office (PMO)
- Departmental Property Administrator
- Property Custodian
-Asset/End Users
Responsible for ensuring all property related policies and procedures are followed,
usually the authority behind the Property Manager - correct answer...✔✔Chief
Financial Officer (CFO)
Working with the Property Manager, publishes policy as it relates to financial records of
an organization - correct answer...✔✔Controller's Office
Identifies the need for property - correct answer...✔✔Program/Project Manager
Property Management Office (PMO) - correct answer...✔✔Has the responsibility and
role of ensuring and effective property control system is established/maintained while
ensuring all property is controlled and managed IAW sound business practices
In charge of property within unit or department consolidating property activity while
informing the PMO via transaction recorded in the property database - correct answer...
✔✔Departmental Property Administrator
Responsible for the assets within a group who instructs users of their role and
responsibilities while property is in the care, custody, and control of end user - correct
answer...✔✔Property Custodian
Assigned the task of reporting receipt, identification, movement, disposal, maintenance,
and other events/creates system transaction or verbal communication - correct
answer...✔✔Asset/End Users
Eyes and ears of the Property Manager - correct answer...✔✔Asset/End Users
Responsible for verifying the existence of property, confirming serial numbers, property
location, condition, excess equipment. Also reconciles inventory data to property
records while adjusting records to accommodate discrepancies. - correct answer...✔✔
Physical Inventory Group
When are property records modified? - correct answer...✔✔Throughout the entire
lifecycle of a particular item/assett
AGRADESOLUTIONS
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