CPPS Module 1 Exam Questions and Answers 100%
Solved
Records - ✔✔Generally established during the receiving process and modified throughout the
property
life cycle. Includes asset identification, description, manufacturer, model number, serial number,
date of
receipt, location, financial codes, acquisition code, assignment of responsibility, and acquisition
method.
Acquisition - ✔✔The act of acquiring; the acquiring of property or services by contract with
appropriated funds through purchase or leas, whether the property or services are already in
existence
or must be created, developed, demonstrated or evaluated.
Significant function of a property management system - ✔✔Ensuring proper authority to
acquire
property is obtained.
, Acquisition - ✔✔Some acquisitions may bypass the review, approval, receiving, and record-
keeping steps
of the purchasing process. Examples include loans, donations, purchase credit cards, petty cash,
payment without purchase order.
Acquisition Methods - ✔✔Re-utilization, purchase new used lease or rent, fabricate, gifts
Receiving - ✔✔1) The process of accepting equipment or materials into an organization or
facility. 2) the
point at which an organization's obligation, liability, and accountability begin.
Receiving Personnel - ✔✔Document receipt, inspect for damage or errors, tag if appropriate or
otherwise identify, create documentation to establish custody and accountability. Timeliness is
key.
Should deliver to user within 24 hours if centralized.
Payment Authorization - ✔✔Three way match made of the PO, receiving documentation, and
invoice
Solved
Records - ✔✔Generally established during the receiving process and modified throughout the
property
life cycle. Includes asset identification, description, manufacturer, model number, serial number,
date of
receipt, location, financial codes, acquisition code, assignment of responsibility, and acquisition
method.
Acquisition - ✔✔The act of acquiring; the acquiring of property or services by contract with
appropriated funds through purchase or leas, whether the property or services are already in
existence
or must be created, developed, demonstrated or evaluated.
Significant function of a property management system - ✔✔Ensuring proper authority to
acquire
property is obtained.
, Acquisition - ✔✔Some acquisitions may bypass the review, approval, receiving, and record-
keeping steps
of the purchasing process. Examples include loans, donations, purchase credit cards, petty cash,
payment without purchase order.
Acquisition Methods - ✔✔Re-utilization, purchase new used lease or rent, fabricate, gifts
Receiving - ✔✔1) The process of accepting equipment or materials into an organization or
facility. 2) the
point at which an organization's obligation, liability, and accountability begin.
Receiving Personnel - ✔✔Document receipt, inspect for damage or errors, tag if appropriate or
otherwise identify, create documentation to establish custody and accountability. Timeliness is
key.
Should deliver to user within 24 hours if centralized.
Payment Authorization - ✔✔Three way match made of the PO, receiving documentation, and
invoice
