Question

Question 50 of 60.

Which of the following items is NOT necessary to keep in a vehicle?

Spare tire

First aid kit

Blank incident reports

Vehicle rental request

Question 51 of 60.

What is the purpose of an asset tag?

Inform staff that all items are tracked

Identify items needing repair and/or maintenance

Identify and link items to documentation records

Notify transporters that items should not be removed in transit

Question 52 of 60.

What is the purpose of having an asset register?

Ensure proper recording and tracking

Complete the purchase process

Make payments to suppliers

Record general ledger entries

Question 53 of 60.

What are the three key elements you need to consider when developing the definition of asset for your organization?

Non-consumable, acquisition cost, and useful life

Manufacturing year, current market value, and duration of program

List of accessories, size, and value of the item

Question 54 of 60.

Which of the following supporting documents is suitable to justify disposal of an asset that can no longer be operated or repaired?

Procurement contract

Purchase request

Repair estimate

Original estimate

Question 55 of 60.

After a project officer receives her new laptop while on a field assignment, how should she confirm its receipt with the local office?

Call the person that issued it

Text the person that issued it

Email the person that issued it

Skype the person that issued it

Answer 1

Answers:

Question 50 of 60.

Which of the following items is NOT necessary to keep in a vehicle?

• Spare tire
• First aid kit
• Blank incident reports
• Vehicle rental request

Ans: Vehicle rental request is a commercial document which neither helps in vehicle operation nor keeping this document in vehicle is statutory requirement. However other three documents could be helpful for any accident or emergency situation. Therefore, vehicle rental request is NOT necessary to keep in a vehicle.

Question 51 of 60.

• What is the purpose of an asset tag?
• Inform staff that all items are tracked
• Identify items needing repair and/or maintenance
• Identify and link items to documentation records
• Notify transporters that items should not be removed in transit

Ans: Asset tag is used for identification or tracking purpose with reference to the register/record of the assets. With the help of this, any individual assets could be well identified/accounted/verified during any inspection/audit/general purposes. It neither usd to create awareness, indicate any requirement for repair, nor it is related removal during transit. Therefore, identify and link items to documentation records, are the purpose of an asset tag.

Question 52 of 60.

What is the purpose of having an asset register?

Ensure proper recording and tracking

Complete the purchase process

Make payments to suppliers

Record general ledger entries

Ans: An asset register is accounts related document which keeps record of assets. It is used purely for proper recording and tracking. It does not either used in day to day operation, transaction; neither it is related to general entries. Therefore, ensurng proper recording and tracking is the purpose of having an asset register.

Question 53 of 60.

What are the three key elements you need to consider when developing the definition of asset for your organization?

• Non-consumable, acquisition cost, and useful life
• Manufacturing year, current market value, and duration of program
• List of accessories, size, and value of the item

Ans: The options are indicative of fixed assets like plant and machineries. For such assets, evaluations are usually done by the cost method which consider the price for which the asset was bought or acquired. Such assets are non consumable assets having useful life, after which they could not be considered as asset for any organization. Whereas, current market value applies more on non-depreciable assets, example: land, whereby, manufacturing year could not be applicable. On the other hand, List of accessories, size, and value alone, could not form the basis of organizational assets. Therefore, non-consumable, acquisition cost, and useful life are the three key elements you need to consider when developing the definition of asset for your organization.

Question 54 of 60.

Which of the following supporting documents is suitable to justify disposal of an asset that can no longer be operated or repaired?

• Procurement contract
• Purchase request
• Repair estimate
• Original estimate

Ans: Original estimate provides approximate cost of repairs and services, whereas repair estimate is the final or updated estimate for prospective repair. If such estimate is abruptly high, then it would indicate that replacement of the asset preferable. On the other hand, new purchase request could be given only after decision is made for replacing the old asset. This would be followed by procurement contract. Therefore, Repair estimate is suitable to justify disposal of an asset that can no longer be operated or repaired.

Question 55 of 60.

After a project officer receives her new laptop while on a field assignment, how should she confirm its receipt with the local office?

• Call the person that issued it
• Text the person that issued it
• Email the person that issued it
• Skype the person that issued it

Ans: Among the available choices, only email is such an option, whereby appropriate recording could be done, i.e. written document could be produced as proof. And it could also be tracked during any time in future, whenever required. Therefore, she should Email the person that issued it.