Certified Professional Property Specialist CPPS - Study Guide Questions With Complete Solutions.

Certified Professional Property Specialist CPPS - Study
Guide Questions With Complete Solutions



- Maximize return of Investment
b b b b




- Facilitate Compliance
b b




- Maximize reutilization
b b




- Depreciation expense - answer-Benefits of an Effective Property Function
b b b b b b b b b




Other names of Property Accounting - answer-- Fixed asset accounting
b b b b b b b b b




- Inventory Control
b b




- Material/Property Control
b b




Three key concepts of Property Management - answer-- Ownership
b b b b b b b b




- Accountability
b




- Responsibility
b




Records - answer-- Crucial element of Property Control Management
b b b b b b b b




Begin during acqusition process, continues through every related transaction to include
b b b b b b b b b b




b protection, preservation, utilization, maintenance and disposition - answer-Records
b b b b b b b




Cornerstone of effective Property Control - answer-Communication, to include routine or
b b b b b b b b b b




b special purpose reports, and Training
b b b b




Benefits gained by efficient property management - answer-- Return of Investment (ROI)
b b b b b b b b b b b




-Reutilization of excess property b b b




-Compliance of internal and external procedures
b b b b b

,-Value of organization
b b




What is Process? - answer-The series of steps taken to produce a desired result
b b b b b b b b b b b b b




What is Procedure? - answer-Steps that must be followed to produce results
b b b b b b b b b b b




Having legal/rightful title to property either by organization or sponsor under certain
b b b b b b b b b b b




b terms - answer-Ownership
b b




Means to possess and have use of company property with delegated duties and
b b b b b b b b b b b b




b responsibilties - answer-Accountability b b




Key elements of Property Accountabilty - answer-- Provider
b b b b b b b




- Recipient
b




- Specific duties and responsibilities
b b b b




- Specific penalties in case of default
b b b b b b




Transfer of accountability - answer-When accountability shifts from one entity to
b b b b b b b b b b




b another.... may or may not include physical relocation of assets
b b b b b b b b b




Transfer approval must be coordinated when, how, and why? - answer-When? In advance
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How? in writing b b




Why? To be made of historical file and audit trail of assets
b b b b b b b b b b b




Transfer document must include three things? - answer-1. Effective date of transfer
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2. Purpose of transfer
b b b




3. Description of property to be transferred
b b b b b b




Bottom line... transfers occur when property and accountability shift from what? - answer-
b b b b b b b b b b b b




From the using organization to another
b b b b b

,An organization with multiple sites with multiple subunits, change in location is a
b b b b b b b b b b b b




b ______________ and not an _____________________________ - answer-Change in location is a
b b b b b b b b b b




b movement not an interdepartmental transfer b b b b




What is responsibility? - answer-to be answerable for a trust or obligation
b b b b b b b b b b b




Property Professional Key distinction Standpoint - answer-One is accountable to someone
b b b b b b b b b b




b for the property while being responsible for certain actions ie maintenance/storage
b b b b b b b b b b




b related to the property or asset
b b b b b




Interdepartmental transfers of property occurs when? - answer-When property and b b b b b b b b b




b accountability shift from the using organization to another b b b b b b b




What does FAR 52.245-1-Government Property (FAC 2005-56, April 2012) (Ref, (b) (2)
b b b b b b b b b b b




b Property Management pertain to? - answer-The Contractor's responsibility extending
b b b b b b b b




b from the initial acquisition and receipt of property, through stewardship, custody, and
b b b b b b b b b b b




b until use formally relieved of responsibility by means, including delivery, consumption,
b b b b b b b b b b




b expanding, sale (as surplus property), or other disposition, or via completed investigation,
b b b b b b b b b b b




b evaluation, and final determination for loss property.
b b b b b b




What is the Property Control System comprised of? - answer-- Written policies
b b b b b b b b b b b




- Procedures
b




- Operational Guidelines
b b




- Related Records
b b




- The Management Information System (MIS)
b b b b b




What defines the roles and responsibilities of each participant in Property Management? -
b b b b b b b b b b b b




b answer-The Property Control System b b b




The careful and responsible management of operations and property within one's care is
b b b b b b b b b b b b




b what? - answer-Stewardship
b b

, How many functional areas of Property Management are they to control property and
b b b b b b b b b b b b




b what are they? - answer-15
b b b b




- Acquisition
b




- Receiving
b




- Identification
b




- Records
b




- Reports
b




- Storage
b




- Movement
b




- Audits
b




- Physical Inventory
b b




- Consumption
b




- Utilization
b




- Maintenance
b




- Subtractor Control
b b




- Dispostion
b




- Contract Closeout
b b




What are the foundation of the property control base? - answer-Property records
b b b b b b b b b b b




Satisfactory performance of the steps defined in the processes that support the
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b organization's mission and objectives is what? - answer-Compliance
b b b b b b b




What are the seven factors that influence where the property function would most be
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b effectively reside? - answer-1. The type and size of the organization
b b b b b b b b b b




2. The type, volume, and value of property that must be managed
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3. Compliance requirements and related risk to the organization
b b b b b b b b




4. Management groupings of functional areas within an organization
b b b b b b b b




5. The level and type of interface needed with key stakeholders
b b b b b b b b b b




6. The resources available to staff the function
b b b b b b b