CERTIFIED PROFESSIONAL PROPERTY
SPECIALIST CPPS - STUDY GUIDE EXAM
QUESTIONS AND ANSWERS 100% VERIFIED.
- 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
- Property Custodian
-Asset/End Users
Responsible for ensuring all property related policies and
procedures are followed, usually the authority behind the Property
Manager -
- correct answer -Chief Financial Officer (CFO)
Working with the Property Manager, publishes policy as it relates
to financial records of an organization -
- correct answer -Controller's Office
Identifies the need for property -
- correct answer -Program/Project Manager
Property Management Office (PMO) -
- correct answer -Has the responsibility and role of ensuring and
effective property control system is established/maintained while
ensuring all property is controlled and managed IAW sound
business practices
In charge of property within unit or department consolidating
property activity while informing the PMO via transaction recorded
in the property database -
- correct answer -Departmental Property Administrator
Responsible for the assets within a group who instructs users of
their role and responsibilities while property is in the care, custody,
and control of end user -
- correct answer -Property Custodian
Assigned the task of reporting receipt, identification, movement,
disposal, maintenance, and other events/creates system
transaction or verbal communication -
- correct answer -Asset/End Users
Eyes and ears of the Property Manager -
- correct answer -Asset/End Users
Responsible for verifying the existence of property, confirming
serial numbers, property location, condition, excess equipment.
SPECIALIST CPPS - STUDY GUIDE EXAM
QUESTIONS AND ANSWERS 100% VERIFIED.
- 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
- Property Custodian
-Asset/End Users
Responsible for ensuring all property related policies and
procedures are followed, usually the authority behind the Property
Manager -
- correct answer -Chief Financial Officer (CFO)
Working with the Property Manager, publishes policy as it relates
to financial records of an organization -
- correct answer -Controller's Office
Identifies the need for property -
- correct answer -Program/Project Manager
Property Management Office (PMO) -
- correct answer -Has the responsibility and role of ensuring and
effective property control system is established/maintained while
ensuring all property is controlled and managed IAW sound
business practices
In charge of property within unit or department consolidating
property activity while informing the PMO via transaction recorded
in the property database -
- correct answer -Departmental Property Administrator
Responsible for the assets within a group who instructs users of
their role and responsibilities while property is in the care, custody,
and control of end user -
- correct answer -Property Custodian
Assigned the task of reporting receipt, identification, movement,
disposal, maintenance, and other events/creates system
transaction or verbal communication -
- correct answer -Asset/End Users
Eyes and ears of the Property Manager -
- correct answer -Asset/End Users
Responsible for verifying the existence of property, confirming
serial numbers, property location, condition, excess equipment.
