CAPITAL ASSET MANAGEMENT - FMS

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Nov 18, 2013 (3 years and 4 months ago)

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CAPITAL


ASSET
MANAGEMENT




1. When are you required to capitalize
an asset?


1.
Only when the item purchased is
greater than $75,000

2. Anytime the item purchased is greater
than or equal to $5,000

3. Anytime the item purchased will last
longer than 1 year

4. A combination of the above

1. When are you required to capitalize
an asset?


ANSWER: 4. A combination of the above


An asset is capitalized when its cost is greater
than $5,000
AND

it is expected to last longer
than one year.


Buildings, infrastructure and leasehold
improvements with a cost greater than
$75,000 are capitalized.




2. What object code do you use to
capitalize a computer?

1. Object code 7000

2. Object code 7015

3. Object code 5215

4. Capital Asset Management will
determine the right object code later

2. What object code do you use to
capitalize a computer?



ANSWER: 2. Object code 7015


3.When are you required to tag an asset?

1. The asset cost is greater than or equal
to $5,000

2. The asset is on loan from the federal
government for use in a research
project

3. An employee is going to borrow the
asset for greater than 31 days

4. Both 1 and 3

5. All of the above

3.When are you required to tag an asset?

ANSWER: 5. All of the above


All university owned capitalized assets; all
assets on loan to employees; and all
assets loaned to the university, which are
employed in university business are
required to be tagged and inventoried
every other year.



4. At what point in time should an asset
be tagged?


1. As soon as it is received

2. During the departments regular
inventory cycle

3. Within 1 year of receipt

4. Any of the above is acceptable

4. At what point in time should an asset
be tagged?




ANSWER: 1. As soon as it is received


All assets are required to be tagged within
30 days of receipt

5.
Capital asset balances and
depreciation expense can be found
in which fund groups?

1. Auxiliary Funds

2. C&G Funds

3. Renewal and Replacement Funds

4. Plant Funds

5. All of the above

5.

Capital asset balances and
depreciation expense can be found in
which fund groups?




ANSWER: 4. Plant Funds


All assets, accumulated depreciation and
depreciation expense are found in the
Plant Fund Accounts (95
-
XXX
-
XX).

6. What does the University require if
someone is going to borrow a capital
asset for longer than 31 days?

1. Complete an equipment loan
document in the FIS

2. Perform a regular physical inventory of
the equipment

3. Insure the equipment

4. All of the above

6. What does the University require if
someone is going to borrow a capital
asset for longer than 31 days?


ANSWER: 1. Complete an equipment loan




Policy I
-
140 requires the department to
perform a physical inventory of the
equipment, tag the equipment
before it leaves the premises.

7.

What information can I store
within the Capital Asset Management
System (CAMS)?

1. What accounts paid for the asset

2. Where the asset is located

3. Warranty, repair, and component
information

4. All of the above


7.

What information can I store within
the Capital Asset Management System
(CAMS)?


ANSWER: 4. All of the above



8.

What action is required when your
department wants to transfer an asset to
another department?

1. None

2. Asset transfer document in the FIS to
the receiving account

3. Asset retirement document in the FIS

4. Remove the asset tag

8.

What action is required when your
department wants to transfer an asset to
another department?


ANSWER: 2. Asset transfer document in the FIS to
the receiving account



9.

What do you do when you have a
computer that is no longer needed?

1. Retire the asset

2. Transfer the asset to surplus

3. Throw it away

4. Put it in the closet

9.

What do you do when you have a
computer that is no longer needed?



ANSWER: 2. Transfer the asset to surplus


10.

What action is required for a gift the
University receives of equipment, art or
museum piece?

1. An add asset document

2. None

3. Complete and send the gift in kind
form to the IU Foundation

4. Both 1 and 3

10.

What action is required for a gift
the University receives of equipment,
art or museum piece?

ANSWER: 3. Complete the Gift in kind form
from the IU Foundation


11.

Who is responsible for knowing
where your capital assets are located?

1. Campus capital asset office

2. The local department

3. Internal audit

4. Financial Management Services

11. Who is responsible for knowing
where your capital assets are located?

ANSWER: 2. The local department


12.

How often is an organization
required to inventory their capital
assets?

1.
Every five years

2. Every other year

3. Organizations are not required to
inventory their assets

4. When the organization has more than 12
assets

5. 1 and 4 above

12. How often is an organization
required to to inventory their capital
assets?

ANSWER: 2. Every other year




as required by OMB(Office of
Management and Budget) circular
A
-
21


13.

What kinds of Capital Asset
Reports are available in the IUIE?


1. Detailed listings of all assets by
organization

2. Listings of all assets on loan by an
organization

3. Depreciation information by organization

4. All of the above


13.

What kinds of Capital Asset
Reports are available in the IUIE?



ANSWER: 4. All of the above


14.

What information is available on the
Capital Asset webpage?



1. A listing of the University Capital Asset
Policies


2. Standard Operating Procedures for
managing your capital assets


3. A listing of all capital asset object codes
to be used by organizations when
purchasing capital items.


4. Procedures for inventorying assets


5. All of the above

14.

What information is available on the
Capital Asset webpage?



ANSWER: 5. All of the above


http://www.fms.indiana.edu/cams/