CPPS - STUDY GUIDE QUESTIONS AND
ANSWERS WITH VERIFIED SOLUTIONS
2024
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense - ANSWER Benefits of an Effective Property Function
Other names of Property Accounting - ANSWER - Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management - ANSWER - Ownership
- Accountability
- Responsibility
Records - ANSWER - Crucial element of Property Control Management
Begin during acqusition process, continues through every related transaction to include protection,
preservation, utilization, maintenance and disposition - ANSWER Records
Cornerstone of effective Property Control - ANSWER Communication, to include routine or special
purpose reports, and Training
Benefits gained by efficient property management - ANSWER - Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
,What is Process? - ANSWER The series of steps taken to produce a desired result
What is Procedure? - ANSWER Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under certain terms - ANSWER
Ownership
Means to possess and have use of company property with delegated duties and responsibilties -
ANSWER Accountability
Key elements of Property Accountabilty - ANSWER - Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability - ANSWER When accountability shifts from one entity to another.... may or may
not include physical relocation of assets
Transfer approval must be coordinated when, how, and why? - ANSWER When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? - ANSWER 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? - ANSWER From the
using organization to another
,An organization with multiple sites with multiple subunits, change in location is a ______________ and
not an _____________________________ - ANSWER Change in location is a movement not an
interdepartmental transfer
What is responsibility? - ANSWER to be answerable for a trust or obligation
Property Professional Key distinction Standpoint - ANSWER One is accountable to someone for the
property while being responsible for certain actions ie maintenance/storage related to the property or
asset
Interdepartmental transfers of property occurs when? - ANSWER 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? - ANSWER 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? - ANSWER - Written policies
- Procedures
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
What defines the roles and responsibilities of each participant in Property Management? - ANSWER The
Property Control System
The careful and responsible management of operations and property within one's care is what? -
ANSWER Stewardship
How many functional areas of Property Management are they to control property and what are they? -
ANSWER 15
, - Acquisition
- Receiving
- Identification
- Records
- Reports
- Storage
- Movement
- Audits
- Physical Inventory
- Consumption
- Utilization
- Maintenance
- Subtractor Control
- Dispostion
- Contract Closeout
What are the foundation of the property control base? - ANSWER Property records
Satisfactory performance of the steps defined in the processes that support the organization's mission
and objectives is what? - ANSWER Compliance
What are the seven factors that influence where the property function would most be effectively reside?
- ANSWER 1. The type and size of the organization
2. The type, volume, and value of property that must be managed
3. Compliance requirements and related risk to the organization
4. Management groupings of functional areas within an organization
5. The level and type of interface needed with key stakeholders
6. The resources available to staff the function
7. The geographical layout of the organization
ANSWERS WITH VERIFIED SOLUTIONS
2024
- Maximize return of Investment
- Facilitate Compliance
- Maximize reutilization
- Depreciation expense - ANSWER Benefits of an Effective Property Function
Other names of Property Accounting - ANSWER - Fixed asset accounting
- Inventory Control
- Material/Property Control
Three key concepts of Property Management - ANSWER - Ownership
- Accountability
- Responsibility
Records - ANSWER - Crucial element of Property Control Management
Begin during acqusition process, continues through every related transaction to include protection,
preservation, utilization, maintenance and disposition - ANSWER Records
Cornerstone of effective Property Control - ANSWER Communication, to include routine or special
purpose reports, and Training
Benefits gained by efficient property management - ANSWER - Return of Investment (ROI)
-Reutilization of excess property
-Compliance of internal and external procedures
-Value of organization
,What is Process? - ANSWER The series of steps taken to produce a desired result
What is Procedure? - ANSWER Steps that must be followed to produce results
Having legal/rightful title to property either by organization or sponsor under certain terms - ANSWER
Ownership
Means to possess and have use of company property with delegated duties and responsibilties -
ANSWER Accountability
Key elements of Property Accountabilty - ANSWER - Provider
- Recipient
- Specific duties and responsibilities
- Specific penalties in case of default
Transfer of accountability - ANSWER When accountability shifts from one entity to another.... may or may
not include physical relocation of assets
Transfer approval must be coordinated when, how, and why? - ANSWER When? In advance
How? in writing
Why? To be made of historical file and audit trail of assets
Transfer document must include three things? - ANSWER 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? - ANSWER From the
using organization to another
,An organization with multiple sites with multiple subunits, change in location is a ______________ and
not an _____________________________ - ANSWER Change in location is a movement not an
interdepartmental transfer
What is responsibility? - ANSWER to be answerable for a trust or obligation
Property Professional Key distinction Standpoint - ANSWER One is accountable to someone for the
property while being responsible for certain actions ie maintenance/storage related to the property or
asset
Interdepartmental transfers of property occurs when? - ANSWER 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? - ANSWER 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? - ANSWER - Written policies
- Procedures
- Operational Guidelines
- Related Records
- The Management Information System (MIS)
What defines the roles and responsibilities of each participant in Property Management? - ANSWER The
Property Control System
The careful and responsible management of operations and property within one's care is what? -
ANSWER Stewardship
How many functional areas of Property Management are they to control property and what are they? -
ANSWER 15
, - Acquisition
- Receiving
- Identification
- Records
- Reports
- Storage
- Movement
- Audits
- Physical Inventory
- Consumption
- Utilization
- Maintenance
- Subtractor Control
- Dispostion
- Contract Closeout
What are the foundation of the property control base? - ANSWER Property records
Satisfactory performance of the steps defined in the processes that support the organization's mission
and objectives is what? - ANSWER Compliance
What are the seven factors that influence where the property function would most be effectively reside?
- ANSWER 1. The type and size of the organization
2. The type, volume, and value of property that must be managed
3. Compliance requirements and related risk to the organization
4. Management groupings of functional areas within an organization
5. The level and type of interface needed with key stakeholders
6. The resources available to staff the function
7. The geographical layout of the organization
