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Certified Professional Property Specialist CPPS - Study Guide Questions With Complete Solutions
Question 1: What are the benefits of an effective property
function?
CORRECT ANSWER : - Maximize Return of Investment -
Facilitate Compliance - Maximize Reutilization - Depreciation Expense
Question 2: What are other names for property accounting?
CORRECT ANSWER : - Fixed asset accounting - Inventory
Control - Material/Property Control
Question 3: What are the three key concepts of property
management?
CORRECT ANSWER: - Ownership - Accountability -
Responsibility
Question 4: What is a crucial element of property control
management?
CORRECT ANSWER : Records
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Question 5: When do property records begin and what do they
continue through?
CORRECT ANSWER : Begin during acquisition process,
continues through every related transaction to include protection, preservation, utilization, maintenance and disposition Records
Question 6: What is the cornerstone of effective property
control?
CORRECT ANSWER : Communication, to include routine or
special purpose reports, and Training
Question 7: What are the 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
Question 8: What is a process?
CORRECT ANSWER : The series of steps taken to produce a
desired result
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Question 9: What is a procedure?
CORRECT ANSWER : Steps that must be followed to produce
results
Question 10: What does having legal/rightful title to property
mean?
CORRECT ANSWER : Ownership
Question 11: What does it mean to possess and have use of
company property with delegated duties and responsibilities?
CORRECT ANSWER : Accountability
Question 12: What are the key elements of property
accountability?
CORRECT ANSWER : - Provider - Recipient - Specific duties
and responsibilities - Specific penalties in case of default
Question 13: What is a transfer of accountability?
CORRECT ANSWER : When accountability shifts from one
entity to another.... may or may not include physical relocation of assets
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Question 14: When, how, and why must transfer approval be
coordinated?
CORRECT ANSWER : When? In advance How? in writing
Why? To be made of historical file and audit trail of assets
Question 15: What must a transfer document include?
CORRECT ANSWER : 1. Effective date of transfer 2. Purpose
of transfer 3. Description of property to be transferred
Question 16: When do transfers occur?
CORRECT ANSWER: From the using organization to another
Question 17: In an organization with multiple sites and subunits,
what is a change in location considered?
CORRECT ANSWER : Change in location is a movement not an
interdepartmental transfer
Question 18: What is responsibility?
CORRECT ANSWER : To be answerable for a trust or
obligation