Florida PALM - Asset Management - Quiz

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Florida PALM - Asset Management - Quiz

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KIM.JACOBS@MYFLORIDACFO.COM

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Florida PALM - Asset Management - Quiz


Florida PALM - Asset Management - QuizOnline version Florida PALM - Asset Management - Quiz by KIM.JACOBS@MYFLORIDACFO.COM 1 Asset Accounting and Management (AAM) provides the functionality to: a Manage agency property over the lifecycle of the asset, establish the security controls, and prepare for month and year-end closing activities. b Manage agency property over the lifecycle of the asset and prepare for month and year-end closing activities. c Manage agency property over the lifecycle of the asset, establish the security controls, and prepare for year-end closing activities. 2 T/F: AAM uses financial details from Accounts Payable (AP), such as Asset Profile ID, acquisition date, and cost, to create asset records. a True b False 3 T/F: Florida PALM will not use the established capitalization thresholds to identify purchases qualifying for capitalization. a True b False 4 Depreciation expenses are recorded __________ in Florida PALM. a Daily b Monthly c Quarterly d Annually 5 Florida PALM will support two (2) solutions for conducting physical inventory activities: a Mobile Physical Inventory and Classic Physical Inventory b Cellphone Physical Inventory and Classic Physical Inventory c Asset Physical Inventory and Mobile Physical Inventory d Classic Physical Inventory and Asset Physical Inventory 6 The word 'Unitize' means _______________________. a converting a single line of assets listed as 'many line items' on a voucher into a single asset in Florida PALM with a unique Asset ID. b converting a group of assets listed as a 'single line item' on a voucher into individual assets in Florida PALM with unique Asset IDs. c maintaining the asset information from the voucher onto the asset record. 7 T/F: The Mapping Table uses existing Governmental Funds to systematically reclassify values to predetermined Ownership Fund values. a True b False 8 In what module does the General Ledger Allocation reclassify AM journal data for owned asset, leased asset, associated depreciation expense, and accumulated depreciation resulting from acquisition of assets with Governmental Funds to the corresponding Ownership Fund? a Asset Module b Accounts Payable Module c General Ledger Module 9 T/F: The Agency AM Asset Processor updates physical asset information for incomplete asset records created by the Agency AM F&A Processor. a True b False 10 Which role is responsible for updating the sensitive drop-down list and the sensitive asset data elements? a Agency AM Sensitive Asset Processor b Agency AM Asset Custodian c Agency AM Asset Approver 11 Which role is responsible for approving asset transfers and disposals? a Agency AM Sensitive Asset Processor b Agency AM Asset Custodian c Agency AM Asset Approver 12 Which role is responsible for asset management and has the ability to perform physical inventory? a Agency AM Sensitive Asset Processor b Agency AM Asset Custodian c Agency AM Asset Approver 13 T/F: Capital leases are recorded in Florida PALM. a True b False 14 Upon successful activation of the lease, Florida PALM generates a(n) ____________________. a Lease Payment Schedule b Asset ID, unique payable lease number, and a Lease Payment Schedule c Unique Payable Lease number and a Lease Payment Schedule 15 To transfer an asset to another agency, the holder of the asset must __________. a get approval, complete paperwork, and update the record in Florida PALM. b coordinate with the receiving agency, get approval, complete transfer, update Florida PALM. c initiate an InterUnit transfer. Feedback 3 False: Florida PALM will use the established capitalization thresholds to identify purchases qualifying for capitalization.

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Florida PALM - Asset Management - Quiz

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Florida PALM - Asset Management - QuizOnline version

by KIM.JACOBS@MYFLORIDACFO.COM

Asset Accounting and Management (AAM) provides the functionality to:

T/F: AAM uses financial details from Accounts Payable (AP), such as Asset Profile ID, acquisition date, and cost, to create asset records.

T/F: Florida PALM will not use the established capitalization thresholds to identify purchases qualifying for capitalization.

Depreciation expenses are recorded __________ in Florida PALM.

Florida PALM will support two (2) solutions for conducting physical inventory activities:

The word 'Unitize' means _______________________.

T/F: The Mapping Table uses existing Governmental Funds to systematically reclassify values to predetermined Ownership Fund values.

In what module does the General Ledger Allocation reclassify AM journal data for owned asset, leased asset, associated depreciation expense, and accumulated depreciation resulting from acquisition of assets with Governmental Funds to the corresponding Ownership Fund?

T/F: The Agency AM Asset Processor updates physical asset information for incomplete asset records created by the Agency AM F&A Processor.

Which role is responsible for updating the sensitive drop-down list and the sensitive asset data elements?

Which role is responsible for approving asset transfers and disposals?

Which role is responsible for asset management and has the ability to perform physical inventory?

T/F: Capital leases are recorded in Florida PALM.

Upon successful activation of the lease, Florida PALM generates a(n) ____________________.

To transfer an asset to another agency, the holder of the asset must __________.

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