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Updated CIPS L4M7 Exam Questions - Fast Track To Get Success

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CIPS L4M7 Exam is a highly respected certification for professionals in the field of asset management. It covers a range of topics related to whole life asset management and is recognized worldwide. CIPS Whole Life Asset Management certification is suitable for professionals with a background in asset management or related fields and can help them advance in their careers and take on more senior roles.

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The Chartered Institute of Procurement and Supply (CIPS) L4M7 exam, also known as the Whole Life Asset Management exam, is a professional certification program designed for procurement and supply chain practitioners. CIPS Whole Life Asset Management certification is highly valuable for the individuals who work in industries that deal with assets, including construction, real estate, energy, transportation, public sector, etc. The CIPS L4M7 exam provides a comprehensive understanding of how to manage assets throughout their entire lifecycle. CIPS Whole Life Asset Management certification is globally recognized and offers an opportunity for professionals to attain a highly sought-after credential in the procurement and supply chain world.

CIPS L4M7 Certification Exam is designed to equip professionals with the skills and knowledge required to manage assets throughout their entire life cycle. This includes the acquisition, maintenance, operation, disposal, and replacement of assets. L4M7 exam covers a wide range of topics, including risk management, financial analysis, maintenance strategies, and sustainability. Professionals who pass the exam are recognized as experts in the field of asset management and are highly valued by employers across various industries.

CIPS Whole Life Asset Management Sample Questions (Q238-Q243):

NEW QUESTION # 238
What is the different between gross material requirements plan (gross MRP) and a net material requirements plan (net MRP)?

A. The gross MRP is mostly paper-based, but the net MRP must be computerised
B. The gross MRP includes consideration of available inventory, whereas the net MRP does not
C. The gross requirement doesn't take taxes into account, whereas the net requirement includes the tax considerations
D. The net MRP includes the amount of inventory on hand, whereas the gross MRP does not

Answer: B

Explanation:
Material requirement planning (MRP) is a production planning and material (inventory) control system used in manufacturing. Objectives of MRP are to ensure materials are available for production while minimising inventory and to plan production and procurement activities.
MRP software combines the master production schedule, the bill of materials and the inventory information to work out the net requirements (net MRP) of what to purchase or produce and when.
These net requirements are worked out using the following equation:
Net requirements = Total requirements - Available inventory
Where:
Total requirement = Gross requirements (gross MRP)
Available inventory = Inventory on hand + Units on order
In the other words, Gross MRP = Net MRP + Available inventory, so the answer should be "The gross MRP includes consideration of available inventory, whereas the net MRP does not" LO 2, AC 2.3

NEW QUESTION # 239
Assuming that all other factors are constant except one, the net present value of a capital expendi-ture increases when...?

A. The discounted rate increases
B. The initial cost of a project increases
C. Cash outflow during a time period increases
D. Net cash flow during a time period increases

Answer: D

Explanation:
Net present value (NPV) is the 'today' net value that deprives from 'future' cash flow of an invest-ment or a capital purchase.
The following formula is used to calculate NPV
Chart Description automatically generated with low confidence

Where:
Rt is the net cash flow (cash inflow - cash outflow) during the period t i is the discount rate t is the number of time periods As you can conclude from the above formula, the net present value increases when the numerators (net cash flows) increase and/or denominators (1+i) decrease. So the correct answer should be "Net cash flow during a time period increases" The purpose of this exercise is to help you identify the factors that influence the net present value and how to increase/decrease NPV in real-world scenario.

NEW QUESTION # 240
Which of the following are recognised hidden costs associated with global sourcing?
* Quality control and nonconformance costs
* Increased lead times and inventory carrying costs
* Lower labour and wage costs
* Cost of tariffs and duties in supply chains

A. 2 and 3
B. 1 and 4
C. 3 and 4
D. 1 and 2

Answer: D

NEW QUESTION # 241
Which of the following lists all components, ingredients, and materials required to produce the final product?

A. Engineering change notice
B. Purchase order
C. Bill of materials
D. Master schedule

Answer: C

Explanation:
Master production schedule (MPS) plans items that have "direct" demand, or "independent de-mand." With independent demand, the demand comes from sales orders, service orders, or fore-casts, and the demand comes directly from customer-or forecasted-requirements. It is the list that provides the timing of the production schedule and shows how much each machine can produce, how many shifts are used, etc.
A bill of materials (BOM) is a comprehensive inventory of the raw materials, assemblies, subas-semblies, parts and components, as well as the quantities of each, needed to manufacture a product.
Reference:
LO 2, AC 2.3

NEW QUESTION # 242
When accounting for the disposal of fixed assets, the gain or loss on disposal is equal to...?

A. The difference between resale price and the cost of the asset less depreciation up to the beginning of the year in which disposal took place
B. The difference between resale price and the cost of that asset
C. The difference between resale price and the cost or valuation less accumulated depre-ciation up to the date of disposal
D. The difference between resale price and the cost or valuation plus depreciation up to the beginning of the year in which disposal took place

Answer: A

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

NEW QUESTION # 243
......

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