CPPS - Study Guide Exam Questions with Complete Solutions

CPPS - Study Guide Exam Questions with Complete Solutions 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