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:

• $500,000
• $50,000
• $5000

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

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.

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

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

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

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.

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

• Controllers;
• GSC and Controllers;
• GSC

The person entering the journal must:

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

• 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;

• 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?

• 3M ownership
• stored in 3M location
• sold by 3M to the external customer