Fundamentals Of Property Accountability Practice Test

When is Change of Hand Receipt Holder Inventory conducted?

Monthly Quarterly Annually When the HRH is replaced

Correct Answer:

When the HRH is replaced

Explanation:

This inventory is performed whenever the Hand Receipt Holder is replaced. The purpose is to transfer accountability for the listed property from the outgoing holder to the new holder, ensuring an accurate, up-to-date record of possession and responsibility. It’s an event-driven check that verifies the items, quantities, serial numbers, and condition against the property records, and it requires the new HRH to acknowledge and sign to accept liability. Conducting it at the moment of change prevents gaps in accountability and helps detect missing or misassigned items, keeping the records current for audits. Periodic inventories (monthly, quarterly, annually) serve general accountability, but the specific Change of HRH inventory is triggered by the replacement of the HRH.

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