GL&Legacy

Gains and losses on exchange transaction (at entities other than Global Capital) is recorded in the Profit and Loss Statement on which item?

• Profit before tax
• Expenses
• Cost of Goods Sold

What is functional currency?

• Foreign Currency in which entity did transaction
• The currency of the primary economic environment in which the entity operates
• Currency in which most transactions are settled

What is recharge process?

• The recharge process moves expenses between cost centers within the same legal entity.
• The recharge process moves expenses between cost centers within the same Region.
• The recharge process assigns cost center expenses to the correct profit center within the same legal entity.

Which mentioned items does meet the conditions for lease agreements?

• Lease term +1 month and contract value greater than $5k
• Lease term +12 month and contract value greater than $8k
• Lease term +12 month and contract value greater than $15k

What are examples of the assets leased commonly at 3M?

• Material handling equipment, IT assets, Transportation assets
• Assets under construction, vehicles, IT service agreements
• Real estate, apartments for employees, contract manufacturing

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