CPPS Mod 1 - Study Guide questons with correct Answers

with correct Answers - Maximize return of Investment - Facilitate Compliance - Maximize reutilization - Depreciation expense - Correct Answer Benefits of an Effective Property Function Other names of Property Accounting - Correct Answer - Fixed asset accounting - Inventory Control - Material/Property Control Three key concepts of Property Management - Correct Answer - Ownership - Accountability - Responsibility Records - Correct Answer - Crucial element of Property Control Management Begin during acqusition process, continues through every related transaction to include protection, preservation, utilization, maintenance and disposition - Correct Answer Records Cornerstone of effective Property Control - Correct Answer Communication, to include routine or special purpose reports, and Training Benefits gained by efficient property management - Correct Answer - Return of Investment (ROI) -Reutilization of excess property -Compliance of internal and external procedures -Value of organization What is Process? - Correct Answer The series of steps taken to produce a desired result What is Procedure? - Correct Answer Steps that must be followed to produce results Having legal/rightful title to property either by organization or sponsor under certain terms - Correct Answer Ownership Means to possess and have use of company property with delegated duties and responsibilties - Correct Answer Accountability Key elements of Property Accountabilty - Correct Answer - Provider - Recipient - Specific duties and responsibilities - Specific penalties in case of default Transfer of accountability - Correct 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? - Correct 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? - Correct 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? - Correct Answer From the using organization to another An organization with multiple sites with multiple subunits, change in location is a ______________ and not an _____________________________ - Correct Answer Change in location is a movement not an interdepartmental transfer What is responsibility? - Correct Answer to be answerable for a trust or obligation Property Professional Key distinction Standpoint - Correct 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? - Correct 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? - Correct 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? - Correct 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? - Correct Answer The Property Control System The careful and responsible management of operations and property within one's care is what? - Correct Answer Stewardship How many functional areas of Property Management are they to control property and what are they? - Correct 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? - Correct Answer Property records Satisfactory performance of the steps defined in the processes that support the organization's mission and objectives is what? - Correct Answer Compliance What are the seven factors that influence where the property function would most be effectively reside? - Correct 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 Who are the key participants in Property Management? - Correct Answer - Chief Financial Officer or Provost - Controller's Office - Program/Project Manager - The Property Management Office (PMO) - Departmental Property Administrator