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CIPS L4M7 certification exam is a highly respected qualification for professionals working in the asset management field. It provides a comprehensive understanding of the entire asset management process, and is recognized globally. Professionals who hold this certification are highly sought after by employers in a variety of industries, and the exam is an excellent way to enhance career prospects in this field.
CIPS L4M7 (CIPS Whole Life Asset Management) Certification Exam is a globally recognized certification that validates the knowledge and skills of professionals involved in whole life asset management. CIPS Whole Life Asset Management certification is designed for individuals who are responsible for managing assets throughout their entire life cycle, from procurement to disposal. The CIPS L4M7 Certification is particularly relevant for those working in the fields of procurement, asset management, maintenance, and disposal.
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CIPS L4M7 (CIPS Whole Life Asset Management) Exam is a professional certification program designed for individuals who aspire to become asset management professionals. L4M7 exam is an intermediate-level certification that covers a wide range of topics related to asset management, including the creation, operation, maintenance, and disposal of assets over their entire lifecycle. L4M7 Exam is recognized as a benchmark for competency in asset management by leading organizations across the world.
NEW QUESTION # 117
A company has realised that in the current business environment factors other than profit are also important. The organisation is concerned about the social and environmental impact of a business in pursuit of profits. Is minimising costs the most appropriate course to follow?
Answer: C
NEW QUESTION # 118
Which of the following is the Japanese word for 'billboard' or 'signboard'?
Answer: D
Explanation:
Kanban (看板) (signboard or billboard in Japanese) is a scheduling system for lean manufacturing and just-in-time manufacturing (JIT).
Poka-yoke (ポカヨケ, [poka yoke]) is a Japanese term that means "mistake-proofing" or "inadvertent error prevention". A poka-yoke is any mechanism in any process that helps an equipment operator avoid (yokeru) mistakes (poka). Its purpose is to eliminate product defects by preventing, correcting, or drawing attention to human errors as they occur.
Kaizen is a concept referring to business activities that continuously improve all functions and involve all employees from the CEO to the assembly line workers. Kaizen (改善) is the Sino-Japanese word for "improvement". Kaizen also applies to processes, such as purchasing and logis-tics, that cross organizational boundaries into the supply chain.
Muda (無駄, on'yomi reading) is a Japanese word meaning "futility; uselessness; wastefulness", and is a key concept in lean process thinking, like the Toyota Production System (TPS) as one of the three types of deviation from optimal allocation of resources (the others being mura and muri). Waste reduction is an effective way to increase profitability.
Reference:
LO 2, AC 2.3
NEW QUESTION # 119
A company has obsolete inventories and it must write off these inventories. How does writing off inventories impact on the company's financial statements?
1. Stock increases
2. Stock decreases
3. Profit increases
4. Profit decreases
Answer: A
Explanation:
An inventory write-off is a process of removing from the general ledger any inventory that has no value.
Using the direct write-off method, a business will record a credit to the inventory asset account and a debit to the expense account. For example, say a company with $100,000 worth of inventory decides to write off $10,000 in inventory at the end of the year. First, the firm will credit the inventory account with the value of the write-off to reduce the balance. The value of the gross inventory will be reduced as such: $100,000 - $10,000 = $90,000. Next, the inventory write-off expense account will be increased with a debit to reflect the loss.
The expense account is reflected in the income statement, reducing the firm's net income and thus its retained earnings. A decrease in retained earnings translates into a corresponding decrease in the shareholders' equity section of the balance sheet.
If the inventory write-off is immaterial, a business will often charge the inventory write-off to the cost of goods sold (COGS) account. The problem with charging the amount to the COGS account is that it distorts the gross margin of the business, as there is no corresponding revenue entered for the sale of the product. Most inventory write-offs are small, annual expenses. A large inventory write-off (such as one caused by a warehouse fire) may be categorized as a non-recurring loss.
Reference:
- CIPS study guide page 86-90
- Inventory Write-Off
LO 2, AC 2.1
NEW QUESTION # 120
Which of the following best describes available inventory (also known as inventory position)?
Answer: B
Explanation:
Available inventory (or Inventory position - IP) is equal to inventory on-hand plus quantity on order minus backorder (if any)
NEW QUESTION # 121
Sidel Corp is a major food processor. It invested heavily on manufacturing facilities and processing machineries. Sidel's expenses on maintenance are exceptionally high. To minimise the total cost of maintenance, what should Sidel Corp do?
Answer: C
Explanation:
Maintenance can represent a significant portion of the cost in asset intensive organisations (such as Sidel - a food processor), as breakdowns have an impact on the capacity, quality and cost of operation. However, the formulation of a maintenance strategy depends on a number of factors, including the cost of down time, reliability characteristics and redundancy of assets. Consequently, the balance between preventive maintenance (PM) and corrective maintenance (CM) for minimising costs varies between organisations and assets. Nevertheless, there are some rules of thumb on the balance between PM and CM, such as the 80/20 rule.
Preventive maintenance is a type of proactive maintenance, while corrective maintenance is an example of reactive maintenance. Therefore, the answer should be "Balance between proactive maintenance and reactive maintenance".
Reference:
- Preventive and corrective maintenance - cost comparison and cost-benefit analysis
- CIPS study guide page 158-163
LO 3, AC 3.1
NEW QUESTION # 122
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