Certified Professional Property Specialist Cpps - Study Guide Questions With Complete Solutions

What is the cornerstone of effective property control? {Ans: - Communication - Training}What is the most crucial element of the property control system? {Ans: Records}Regardless of how items are received, which three items are essential? {Ans: - Proof of receipt - Establishment of a record - Property Identification}What is meant by "Preserved" as in the end result obtained in Wrapper not Sealed packaging method? {Ans: Treated with a contact preservative such as grease or a rust preventive, Cosmoline}What do auditors look to see when conducting an inspection of the maintenance program? {Ans: To see if processes have been developed for fulfilling the various maintenance requirements and that organizations have developed processes for their workforce to perform}What regulations govern physical inventory? {Ans: - Sarbanes-Oxley (for corporate sector) - Governmental Accounting Standards Board (GASB) - for state and local governments and public universities - Join Financial Management Improvement Program (JFMIP) - for federal agencies - Federal Management Regulation (FMR) - for Department of Defense (DoD) - The Federal Acquisition Regulation (FAR) - for government contracts}