Module 2 CPPS Study Guide 2023/2024 Solved 100% Correct

What is Movement? - ANSWER-1. The act or process of moving 2. Change of place or position 3. Physical relocation of property from one are to another Whatever the circumstances may be, what are the primary concerns of a move? - ANSWER-1. Completion without damage to assets 2. Property records reflects updated and accurate location For record accuracy, the location must be updated when? - ANSWER-Following the movement of an asset Documentation of all moves must be what? - ANSWER-- Reflected in the property records - Made available during an inventory audit What does compliance include? - ANSWER-Compliance with - - Regulations - Contract or agreement provisions - Organization policies and procedures When items are requisitioned from inventories held at a warehouse or storage facility and the requisition is approved by an appropriate member of management, what is the next step in the process? - ANSWER-Manually or electronically forward the requisition to the Warehouse Supervisor What requirements must be followed if it is necessary for an employee or other authorized person to move property from its current work location to an off-site location? - ANSWER-- Approval to remove property from current authorized location must be secured from an individual responsible for the inventory account - Property may only be used for authorized purposes - Person removing such property from authorized location assumes the responsibility for seeing that the appropriate care is taken in its transportation and security, and such property is returned in satisfactory working condition. - Person may be liable for the replacement or repair costs of any property not so returned - Property must be returned to it normal location as soon as possible, ordinarily within a week unless extended period is specifically approved. - Approvals should be limited to the current fiscal year and must be renewed at the beginning of each fiscal year. - In the event of an organization-wide inventory, all property must be returned to its authorize location to be accounted for physical inventory - In the even of a planned absence of an individual who has the property off-site, property must be returned to his/hers departure - All property temporarily removed from in-house locations is subject to immediate recall at any time to meet higher priority operational commitments Where must a written or electronic record of the property and of the authorization be maintained? - ANSWER-In the office of the approval authority Should the asset require maintenance or repair during a designated off-site period, who must be contacted for assistance? - ANSWER-Property Administrator or are maintenance coordinator What must be done to show changes in quantities and location when dealing with property? - ANSWER-Movement of property must be authorized and documentation generated to show changes in quantities and location. What is the dual purpose of a Transfer and Accountability Form? - ANSWER-- to record movement of the property - to transfer accountabilty What is a Transfer and Accountability Form used for? - ANSWER-to document the transfer of property between two users What data can be found on a Transfer and Accountability Form? - ANSWER-It contains the following information: - Transferee