NPMA CPPS Practice Test 100% Solved 2024

NPMA CPPS Practice Test 100% Solved 2024 What is the document most organizations use that describes and conveys the process steps taken to produce a desired result? - Answer- Procedure Which of the following terms means "to possess and have use of property of another with delegated responsibilities"? - Answer- Accountability What element is crucial to the entire process of the property control system? - Answer- Records When does the Acquisition begin? - Answer- Needs have been defined What is the first step of the approval process when making a purchase? - Answer- Obtaining approval to spend budgeted organizational funds 3. When a decision has been made to buy new equipment, considerations should be decided, such as: immediate availability, extended service warranties, and _________. - Answer- Advanced technology When a Purchase Order has been completed, Purchasing should provide a copy of the Purchase Order to property management, the originator, accounts payable, and what other department? - Answer- Receiving What establishes delegation of authority for signature approval thresholds and types of property for those signature levels? - Answer- Organization procedure In organizations having online financial systems, documentation is created electronically and is retained in the system's transaction history. It is often used as part of a three-way match of transactions prior to payment: the PO, the receiving documentation, and the ___________. - Answer- Invoice A ________________________ provides receiving activity information as well as a way to trace items that are lost or misappropriated during the receiving process or during delivery from the receiving area. - Answer- Receiving voucher log What is a disadvantage of centralized receiving? - Answer- Slower turn-around time for deliveries What information is NOT typically recorded in a receiving voucher log? - Answer- Purchasing department order date and cost Why is it important that the Receiving department inspect for damage? - Answer- Provide information for a potential return of the item to the vendor What is one accomplishment by tagging of new, incoming property? - Answer- Establishes the official record for that item Types of property that generally require serialized tags are: - Answer- Government property sensitive property Reasons accountable property is tagged because of its sensitivity, requirement for control and what? - Answer- Dollar value What does the accuracy of bar-code technology depend on? - Answer- The accuracy of the data capturing process Assets acquired by the subcontractor must be tagged in accordance with the _____________ policies and procedures unless otherwise specified in the subcontract award document. - Answer- Prime contractor's What is the method of inventory and distribution that moves the oldest items in storage to the location where they will be used first (i.e. there is concern that the items may have a limited shelf-life)? - Answer- FIFO