NPMA CPPS Certification Exam Questions and Answers 100% Pass

NPMA CPPS Certification Exam Questions and Answers 100% Pass The exercise of a retaining or governing influence over the acquisition, use, and disposition of personal property - Answer- Property Management Property Accounting, Fixed Asset Accounting, Inventory Control, Material, Property Control, Asset Management. - Answer- Property Control Variety of Names Department within an org that is responsible for controlling or managing property - Answer- Property Management Office PMO PMO is headed by - Answer- Property Manager establishing, guiding, managing, and maintaining an efficient property system, communicating effectively with other departments and functions, and developing and presenting training in property related subjects - Answer- Property Manager is responsible for: Property Management Personnel, processes, and mgmt info. systems (MIS). (Written policies, procedures, operational guidelines, and related records, and MIS that facilitates these functions). - Answer- Property Control System is comprised of have a working relationship with all sponsor reps - Answer- If org contracts with the government, property manager must Having legal or rightful title to property - Answer- Ownership Property is either owned by or provided. - Answer- either owned by the org or is provided by a sponsor under some kind of agreement (sponsor has ownership). make any and all decisions regarding the property - Answer- Ownership of property allows the owner to making and implementing effective decisions regarding the property - Answer- It is the property professional job to support the property owner in documented in a formal agreement between the provider and the recipient (contract, grant) - Answer- Duties, responsibilities, and potential penalties should be means to posses and have use of the property of another with delegated duties and responsibilities, subject to penalty in case of default. - Answer- Accountability do not have legal or rightful title to the property - Answer- Those accountable provider, recipient, specific duties and responsibilities, and penalties in case of default - Answer- Key elements of property accountability Contractor is accountable to government. If gov. provides funding to acquire the property, NASA is accountable to government. - Answer- Who is accountable to who for property? When accountability shifts from one entity to another.... may or may not include physical relocation of assets, but will always include a change in accountability for the property - Answer- Transfer of accountability both must have appropriate levels of mgmt authority approval, and both contracting officers need to approve - Answer- Approvals for giving and accepting orgs must be obtain before the transfer occurs, in writing, either within award doc, a letter, or email, and made part of the file for audit trail - Answer- Approvals for transfers date of transfer, the purpose of the transfer, description of property, contract numbers - Answer- transfer doc must include These occur routinely within orgs, usually result of org changes, shift of work between departments, or excess assets are needed by another department - Answer- Interdepartmental transfers property and accountability shift from one org to another - Answer- Interdepartmental transfer occurs when it is a transfer of responsibility, not accountability - Answer- confusion results when accountability rests above the department level. This is still sometimes called interdepartment transfer, but means to be answerable for a trust or obligation. Less formal than accountability - Answer- Responsibility Responsibility does not include accountability - Answer- While accountability includes responsibility one is accountable to someone for the property, and is responsible for certain actions such as maintenance or storage - Answer- Key distinction from property professionals standpoint (on accountability and responsibility) is that incorporate methods of safeguarding physical assets of an org, periodically verify their existence, status and condition of the property, and ensure accuracy of records enable participants in process to comply with internal rules, and fed state and local regs, and provide audit trail - Answer- Property Control System must the foundation of the property control database. - Answer- Property Records are a mechanism through which an org can define and plan for its property needs and be able to acquire, manage and dispose of property to meet them in a cost effective and efficient manner - Answer- An effective, user friendly property system provides fiscal responsibility and stewardship, and investment and resource mgmt, and compliance with org needs and external requirements - Answer- primary drivers behind need for property function include an infrastructure that will facilitate property mgmt thro