CPPS - STUDY GUIDE ACTUAL

CPPS - STUDY GUIDE (ACTUAL / )

NEWLY UPDATED WITH MULTIPLE, VERIFIED

CORRECTLY ANSWERED QUESTIONS GRADED

A

• Maximize return of Investment
• Facilitate Compliance
• Maximize reutilization
• Depreciation expense

Benefits of an Effective Property Function

Other names of Property Accounting

• Fixed asset accounting
• Inventory Control
• Material/Property Control

Working with the Property Manager, publishes policy as it relates to financial records of an organization Controller's Office

• / 4

Identifies the need for property Program/Project Manager

Property Management Office (PMO) 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 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 Property Custodian

• / 4

Assigned the task of reporting receipt, identification, movement, disposal, maintenance, and other events/creates system transaction or verbal communication Asset/End Users

Eyes and ears of the Property Manager Asset/End Users

Responsible for verifying the existence of property, confirming serial numbers, property location, condition, excess equipment. Also reconciles inventory data to property records while adjusting records to accommodate discrepancies.Physical Inventory Group

When are property records modified?Throughout the entire lifecycle of a particular item/assett

What are the necessary elements to create a property record

• Asset identification 3 / 4

• Asset description
• Manufacturer
• Serial Number
• Model Number
• Asset location
• Assignment of responsibility of asset
• Asset acquisition cost/date
• Acquisition method and reference i.e purchase order,

donation, etc..

• Date of receipt

What two documents are associated with the Procurement Phase?

• Purchase Requisition
• Purchase Order

What are the data elements of Purchase Requisition?

• Description
• Model number
• Estimated useful life
• Asset Classification Code(s)
• / 4