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| Certification Vendor: | CIPS (Chartered Institute of Procurement & Supply) |
|---|---|
| Exam Name: | Whole Life Asset Management |
| Exam Number: | L4M7 |
| Certificate Validity Period: | No expiry (qualification does not expire once awarded) |
| Exam Format: | Computer-based objective test, Multiple-choice questions |
| Available Languages: | English |
| Exam Duration: | 120 minutes |
| Related Certifications: | CIPS Level 4 Diploma in Procurement and Supply |
| Recommended Training: | CIPS Official Learning Resources Approved CIPS Study Centres |
| Exam Registration: | CIPS Official Website - Qualifications CIPS Exam Registration Information |
| Sample Questions: | CIPS L4M7 Sample Questions |
| Exam Way: | Computer-based exam delivered at approved test centres or online proctored (depending on region and provider availability) |
| Pre Condition: | Part of the CIPS Level 4 Diploma in Procurement and Supply; candidates are typically required to be enrolled in the qualification pathway. |
| Official Syllabus URL: | https://www.cips.org |
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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 # 168
RFID uses radio frequencies for the purpose of identification and tracking of assets. Which of the following are disadvantages of using RFID? Select THREE that apply.
* RFID can be too expensive for many applications compared to other tracking and identification methods
* RFID tags have a limited amount of memory and are less effective than other product tracking systems
* It is difficult for an RFID reader to read the information where tags are installed in liquid or metal products
* Interference has been observed to take place in RFID systems when devices such as hand-held, portable, two-way radios are in use
* RFID provides a much less robust type of security compared to other forms of scanning systems
* RFID is a restriction in managing the updates of stocks during the transportation of products
Answer: A
Explanation:
RFID technology, while advanced, has several limitations:
* Cost: RFID can be expensive, particularly for smaller operations.
* Reading limitations with certain materials: Liquids and metals can interfere with RFID signals, limiting their effectiveness.
* Interference: Devices such as radios can disrupt RFID systems, reducing reliability.
In whole-life asset management, these disadvantages may affect the decision to implement RFID, especially in cost-sensitive or materials-sensitive applications.
NEW QUESTION # 169
When accounting for the disposal of fixed assets, the gain or loss on disposal is equal to...?
Answer: D
Explanation:
Fixed assets may be sold anytime during their useful life. This gives rise to the need to derecognize the asset from balance sheet and recognize any resulting gain or loss in the income statement.
The accounting for disposal of fixed assets can be summarized as follows:
- Record cash receive or the receivable created from the sale:
Debit Cash/Receivable
- Remove the asset from the balance sheet
Credit Fixed Asset (Net Book Value)
- Recognize the resulting gain or loss
Debit/Credit Gain or Loss (Income Statement)
Example
ABC LTD purchased a machine for $2000 on 1st January 2001 which had a useful life of 5 years and an estimated residual value of $500. The machine was being depreciated on straight line basis. However, ABC LTD decided to sell the asset on1 January 2003 for $1500 in order to raise cash for the purchase of a new machine.
The disposal of the fixed asset will be recorded as follows:
Record cash received or the receivable arising from the sale:
Debit Cash $1,500
Remove the asset from the balance sheet
As a fixed asset is recognized in the balance sheet at the Net Book Value (i.e. Cost less Accumulated Depreciation), the machine will be removed from the accounts of ABC LTD in two parts:
First, the Machine Cost must be removed by crediting the ledger:
Credit Machine Cost $2,500
Second, the Accumulated Depreciation in respect of the machine must be removed by debiting the ledger:
Debit Accumalated Depreciation $600*
*Accumulated Depreciation: (2000 - 500)/5 x 2 Years
The combined effect of the above two transactions would be to remove the machine's net book value of $1400 (2000 - 600) from the balance sheet.
Recognize the resulting gain or loss on the sale of machine
ABC LTD received $1500 for an asset with a balance sheet worth of $1400. It therefore earned a gain of
$100. The gain will be recorded as follows:
Credit Gain on Disposal $100
Reference:
- Accounting for Disposals
- CIPS study guide page 197-198
LO 3, AC 3.3
NEW QUESTION # 170
Which of the following is a main objective of just-in-time?
Answer: B
Explanation:
JIT, often referred to as the Toyota production system (TPS), originated in Toyota's manufacturing plants in Japan in the early 1970s. It was first introduced by the organisation's owner, Taiichi Ohno. The prime goal of JIT is the achievement of zero inventories.
The just-in-time objectives of eliminating waste can be summarised in the 'five zeros: zero defects, zero set-up times, zero inventories, zero handling and zero lead times.
Reference: CIPS study guide page 122-127
LO 2, AC 2.3
NEW QUESTION # 171
Which of the following are essential aspects that are required for the successful implementation of Just-In- Time (JIT)? SelectTWOthat apply.
Answer: B,D
NEW QUESTION # 172
To improve the security of a warehouse, alarm systems are commonly used. Which of the following is an important part of these systems?
Answer: C
Explanation:
The most basic alarm consists of one or more sensors to detect intruders, and an alerting device to indicate the intrusion. However, a typical premises security alarm employs the following compo-nents:
- Premises control unit (PCU), Alarm Control Panel (ACP), or simply panel: The "brain" of the system, it reads sensor inputs, tracks arm/disarm status, and signals intrusions. In modern system, this is typically one or more computer circuit boards inside a metal enclosure, along with a power supply.
- Sensors: Devices which detect intrusions. Sensors may be placed at the perimeter of the protected area, within it, or both. Sensors can detect intruders by a variety of methods, such as monitoring doorsand windows for opening, or by monitoring unoccupied interiors for motions, sound, vibration, or other disturbances.
- Alerting devices: These indicate an alarm condition. Most commonly, these are bells, sirens, and/or flashing lights. Alerting devices serve the dual purposes of warning occupants of intrusion, and potentially scaring off burglars. These devices may also be used to warn occupants of a fire or smoke condition.
- Keypads: Small devices, typically wall-mounted, which function as the human-machine interface to the system. In addition to buttons, keypads typically feature indicator lights, a small multi-character display, or both.etc.
- Interconnections between components. This may consist of direct wiring to the control unit, or wireless links with local power supplies.
In addition to the system itself, security alarms are often coupled with a monitoring service. In the event of an alarm, the premises control unit contacts a central monitoring station. Operators at the station see the signal and take appropriate action, such as contacting property owners, notifying police, or dispatching private security forces. Such signals may be transmitted via dedicated alarm circuits, telephone lines, or the internet.
NEW QUESTION # 173
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