I created the account like listed here and it did not fix the problem. I tried playing with preferences and settings both in the MSOffice and the iOS settings - none of this worked to fix the problem. I uninstalled and reinstalled MSOffice, and that
didn't work. I reloaded my iOS operating system and that didn't fix the problem. I upgraded my MSOffice from Student to Business and that didn't fix the problem. I went to Apple and had them do a bare metal restore of my machine and then reload the app
from scratch - that didn't fix the problem.
The only thing that I have done that fixed my problem, really isn't a fix ... I bought Apple's Keynote, and now I import .ppt into Keynote when I need to cut and paste objects and then I convert back to .ppt.
There is some type of a bug in the MSOffice application and PowerPoint. I have eliminated everything else.