certified professional property specialist cpps study guide questions with complete solutions
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Liberty University
Certified Professional Property Specialist
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Certified Professional Property Specialist CPPS - Study Guide
Questions With Complete Solutions
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense correct answers Benefits of an Effective Property Function
Other names of Property Accounting correct answers - Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management correct answers - Ownership
- Accountability
- Responsibility
Records correct answers - Crucial element of Property Control Management
Begin during acqusition process, continues through every related transaction to include protection, preservation, utilization, maintenance and disposition correct answers Records
Cornerstone of effective Property Control correct answers Communication, to include routine or special purpose reports, and Training
Benefits gained by efficient property management correct answers - Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization What is Process? correct answers The series of steps taken to produce a desired result
What is Procedure? correct answers Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under certain terms correct answers Ownership
Means to possess and have use of company property with delegated duties and responsibilties correct answers Accountability
Key elements of Property Accountabilty correct answers - Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability correct answers 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 answers 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 answers 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 answers From the using organization to another An organization with multiple sites with multiple subunits, change in location is a ______________ and not an _____________________________ correct answers Change in location is a movement not an interdepartmental transfer
What is responsibility? correct answers to be answerable for a trust or obligation
Property Professional Key distinction Standpoint correct answers 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 answers 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 answers 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.
What is the Property Control System comprised of? correct answers - 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 answers The Property Control System The careful and responsible management of operations and property within one's care is what? correct answers Stewardship
How many functional areas of Property Management are they to control property and what are they? correct answers 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 answers Property records
Satisfactory performance of the steps defined in the processes that support the organization's mission and objectives is what? correct answers Compliance
What are the seven factors that influence where the property function would most be effectively reside? correct answers 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
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