CPPS STUDY GUIDE EXAM
CPPS STUDY GUIDE EXAM QUESTIONS AND
ANSWERS GRADED A+ LATEST UPDATE.
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense ANS >> Benefits of an Effective Property Function
Other names of Property Accounting ANS >> - Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management ANS >> - Ownership
- Accountability
- Responsibility
Records ANS >> - Crucial element of Property Control Management
,CPPS STUDY GUIDE EXAM
Begin during acquisition process, continues through every related transaction to include protection,
preservation, utilization, maintenance and disposition ANS >> Records
Cornerstone of effective Property Control ANS >> Communication, to include routine or special purpose
reports, and Training
Benefits gained by efficient property management ANS >> - Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? ANS >> The series of steps taken to produce a desired result
What is Procedure? ANS >> Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under certain terms ANS >>
Ownership
Means to possess and have use of company property with delegated duties and responsibilities ANS >>
Accountability
Key elements of Property Accountability ANS >> - Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability ANS >> When accountability shifts from one entity to another.... may or may
not include physical relocation of assets
,CPPS STUDY GUIDE EXAM
Transfer approval must be coordinated when, how, and why? ANS >> When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? ANS >> 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? ANS >> From the using
organization to another
An organization with multiple sites with multiple subunits, change in location is a ______________ and
not an _____________________________ ANS >> Change in location is a movement not an
interdepartmental transfer
What is responsibility? ANS >> to be answerable for a trust or obligation
Property Professional Key Distinction Standpoint ANS >> One is accountable to someone for the
property while being responsible for certain actions i.e. maintenance/storage related to the property or
asset
Interdepartmental transfers of property occurs when? ANS >> 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? ANS >> 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? ANS >> - Written policies
- Procedures
, CPPS STUDY GUIDE EXAM
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
What defines the roles and responsibilities of each participant in Property Management? ANS >> The
Property Control System
The careful and responsible management of operations and property within one's care is what? ANS >>
Stewardship
How many functional areas of Property Management are they to control property and what are they?
ANS >> 15
- Acquisition
- Receiving
- Identification
- Records
- Reports
- Storage
- Movement
- Audits
- Physical Inventory
- Consumption
- Utilization
- Maintenance
- Subtractor Control
- Disposition
- Contract Closeout
What is the foundation of the property control base? ANS >> Property records
CPPS STUDY GUIDE EXAM QUESTIONS AND
ANSWERS GRADED A+ LATEST UPDATE.
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense ANS >> Benefits of an Effective Property Function
Other names of Property Accounting ANS >> - Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management ANS >> - Ownership
- Accountability
- Responsibility
Records ANS >> - Crucial element of Property Control Management
,CPPS STUDY GUIDE EXAM
Begin during acquisition process, continues through every related transaction to include protection,
preservation, utilization, maintenance and disposition ANS >> Records
Cornerstone of effective Property Control ANS >> Communication, to include routine or special purpose
reports, and Training
Benefits gained by efficient property management ANS >> - Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
What is Process? ANS >> The series of steps taken to produce a desired result
What is Procedure? ANS >> Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under certain terms ANS >>
Ownership
Means to possess and have use of company property with delegated duties and responsibilities ANS >>
Accountability
Key elements of Property Accountability ANS >> - Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability ANS >> When accountability shifts from one entity to another.... may or may
not include physical relocation of assets
,CPPS STUDY GUIDE EXAM
Transfer approval must be coordinated when, how, and why? ANS >> When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? ANS >> 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? ANS >> From the using
organization to another
An organization with multiple sites with multiple subunits, change in location is a ______________ and
not an _____________________________ ANS >> Change in location is a movement not an
interdepartmental transfer
What is responsibility? ANS >> to be answerable for a trust or obligation
Property Professional Key Distinction Standpoint ANS >> One is accountable to someone for the
property while being responsible for certain actions i.e. maintenance/storage related to the property or
asset
Interdepartmental transfers of property occurs when? ANS >> 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? ANS >> 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? ANS >> - Written policies
- Procedures
, CPPS STUDY GUIDE EXAM
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
What defines the roles and responsibilities of each participant in Property Management? ANS >> The
Property Control System
The careful and responsible management of operations and property within one's care is what? ANS >>
Stewardship
How many functional areas of Property Management are they to control property and what are they?
ANS >> 15
- Acquisition
- Receiving
- Identification
- Records
- Reports
- Storage
- Movement
- Audits
- Physical Inventory
- Consumption
- Utilization
- Maintenance
- Subtractor Control
- Disposition
- Contract Closeout
What is the foundation of the property control base? ANS >> Property records
