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Are You a Property Custodianship Expert?

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Are You a Property Custodianship Expert?

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Questions and Answers

What is the purpose of property custodianship in the government?

To provide benefits to government officers

To increase government revenue

To reduce government spending

To ensure the safekeeping of monies and property (correct)

Who is responsible for maintaining and keeping records of government property?

The Accountable Officer (correct)

The government officers

The Bureau of Treasury

The Inventory Committee

What is liability in relation to property custodianship?

A reduction in government spending

A benefit provided to government officers

A duty that develops as a result of an illegal or inappropriate act (correct)

An increase in government revenue

What is the purpose of bonding accountable officers with the Fidelity Fund of the Bureau of Treasury?

To ensure accountability and responsibility Signup and view all the answers

What is the purpose of inventory taking in property custodianship?

To ensure the integrity of property custodianship Signup and view all the answers

What is the role of the Inventory Committee in property custodianship?

To prepare and certify the correct physical count of property, plant, and equipment Signup and view all the answers

What is the requirement for government properties in terms of insurance?

They must be insured against damage or loss Signup and view all the answers

Study Notes

When the government acquires property, it is subject to custodianship processes.
Property custodianship covers accountability, obligation, and liability of accountable officers.
Government officers are responsible for safekeeping of monies and property.
The Accountable Officer is responsible for maintaining and keeping records of property.
Liability is a duty that develops as a result of an illegal or inappropriate act.
Accountable officers must be appropriately bonded with the Fidelity Fund of the Bureau of Treasury.
Inventory taking is a crucial technique for ensuring the integrity of property custodianship.
Physical inventory of equipment and supplies acts as the foundation for accounting reporting.
The Inventory Committee is responsible for preparing and certifying the correct physical count of property, plant, and equipment.
Government properties must be insured against damage or loss.

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Description

Test your knowledge of property custodianship in government with this quiz! Learn about the accountability, obligation, and liability of accountable officers, the importance of inventory taking, and the necessity of insurance for government properties. This quiz will help you understand the processes and responsibilities involved in maintaining and keeping records of government property. So, get ready to challenge yourself and see how much you know about property custodianship in government!