The person entering the journal must:

Understand the reason for the entry. The explanation for the entry must be in English so that it can be clearly understood by a 3rd party;

Process the entry as quickly as possible and contact requestor for missing supporting documentation afterwards;

Review the supporting documenation only in case when the request is to process the entry at both ledgers.

What is the indicator if the inventory should be reconciled?

sold by 3M to the external customer

Which of the following is consignment stock?

owned by 3M, stored at customer location or vendor location

owned by 3M and stored in manufacturing plant

Goods in transit bought by 3M from the external vendor, but not yet 3M ownership due to the incoterms agreement

Which of the following statements about hard goods and spare parts is true:

Hard goods and spare parts items remain functional for an extended period and spare parts are required to service equipment

Finished goods purchased (HAWA) products may only be classified as "hard goods" if the predominant use of the item is for sales, rather than service to a customer.

Non-working inventory rules for hard goods and spare parts are the same as for the regular inventory

Which of the following movements is NOT taken into account when calculating the average usage?

Intra-company transfers in (incoming transfers between plants within a legal entity)

Sales (including inter-company sales)

What is the result of the "arm’s length" standard?

The prices in intercompany transactions should resemble these in comparable 3rd party transactions

Incoterms in the intercompany transactions should be the same as in the comparable 3rd party transactions

The intercompany profit in the intercompany transactions should be limited to minimum

Where is the inbound freight initially recorded?

Capitalized on the balance sheet

Where is outbound freight recorded?

Capitalized on the balance sheet

After what time of missing intercompany invoice, the purchasing entity can write off the receipt?

After 4 months after the item has been shipped

At the time when item has been consumed

Never, but during Year End Closing an appropriate accrual of missing invoice is don on 3059010 accounts

Which of the following statament is TRUE?

Supply Chain is responsible for analyzing returns, booking salable items onto inventory and disposing of non-salable returns.

Returned Goods must be returned (Return Order) to a 3M or a 3M designated facility BEFORE a credit is issued

Returned goods must be analyzed, whether are salable or unsalable, within 72 business hours of receipt

Quiz IV

Authored by Pawel Woda

Social Studies

Professional Development

Used 3+ times

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20 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

The supplying location takes the cost of the write off if the scrap is caused by the manufacturing process and the value of the scrap is greater than:

$500,000

$50,000

$5000

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is responsible for providing necessary data and required supporting documentation for reconciling items?

All process streams

The Global Process Lead (GPL) and The Area Process Lead (APL)

Local Finance and Business Finance

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which statement is not true?

Only Required Adjustments (Unreconciled and Reconciling) items should be provided with ageing

Goodwill and intangible assets are reconciled at a BG level

Aging generally starts when the unreconciled or unsupported item is identified. When an account is reconciled quarterly, it is identified when the reconciliation is performed. It then continues to age if it is not resolved.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which accounts can not be auto-certified?

Zero Balance Account (ZBA)

Sub-ledger balance is equal to the general ledger.

General Ledger balance has no changes since last reconciliation

MULTIPLE CHOICE QUESTION

1 min • 1 pt

GSC Finance Manager must auhtorize prior to booking:

Non- repetitive accruals over $10,000

Non- repetitive and unusual accruals over $500,000

Non- repetitive accruals over $50,000

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Finish the sentence and mark which of the statements is wrong. "Prepayments are strongly discouraged and are not permitted for manufacturing materials and service as...":

They have a negative impact on cash at 3M

They have a negative impact on cash at a vendor

When the prepayment is requested by a vendor, it raises questions regarding the viability of the vendor and their ability to perform to 3M specifications

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Sarbanes Oxley (SOX) controls testing having a direct effect on the monthly financial statements must be included in the list of critical tasks:

of all GSC served entities;

of all entities;

of all entities scoped for a specific SOX control.

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Quiz IV

The supplying location takes the cost of the write off if the scrap is caused by the manufacturing process and the value of the scrap is greater than:

Who is responsible for providing necessary data and required supporting documentation for reconciling items?

Which statement is not true?

Which accounts can not be auto-certified?

GSC Finance Manager must auhtorize prior to booking:

Finish the sentence and mark which of the statements is wrong. "Prepayments are strongly discouraged and are not permitted for manufacturing materials and service as...":

Sarbanes Oxley (SOX) controls testing having a direct effect on the monthly financial statements must be included in the list of critical tasks:

Who must review and sign off on the accuracy of key financial statements and reports prior to worldwide consolidation:

The person entering the journal must:

What is the indicator if the inventory should be reconciled?

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