3M must prepare and complete accurate and timely tax returns in accordance with”

Local jurisdiction tax standards,

State and federal tax standards,

Which entities should follow U.S. GAAP Accounting Standard Codification (ASC) 740 Income Taxes ( governs how companies recognize the effects of income taxes on their financial statements)

Entities listed in GFS “ International Income Tax Accounting “obligatory, Other entities may, but not required to implement the standard

Only selected countries listed in GFS ‘International Income Tax Accounting’ ,

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.

Which of the below statement is not compliant with MJE GFP:

This procedure applies to system generated/automated journal entries;

The minimum dollar threshold for manual journal entries made to P&L accounts to reclassify or adjust balances is $50,000 USD per line;

Amounts cannot be accumulated over time to meet the minimum threshold;

Creating offsetting amounts that exceed the minimum dollar threshold to make an entry less than the threshold is prohibited

In which situation MJE must not be made, including those less than the minimum dollar threshold?:

Correction of automatically posted accruals where the correction is less than $50,000;

Entries permanently adjusting balance sheet accounts as a result of account reconciliations. For example, writing off a difference on a balance sheet account;

Entries required to close accounts or cost centers (SAP)/departments (Legacy);

Entries related to acquisition integration, such as beginning balance corrections;

Entries associated with closing out divestiture activities

What is the purpose of of the financial statement review:

to identify and explain any exceptions compared to a historical trend and/or operating plan,

to identify and correct any errors,

to ensure exceptional entries which are expected have been recorded,

For non-SAP related accruals who must authorize and confirm the accuracy of the accrual?

B. Country/regional or division finance manager

A. Any clerk from controlling team

The example of temporary difference is not:

Non-deductible expense -penalty

Temporary differences :

are items of income or expense that are recognized at different times for book and tax reporting

do not impact deferred Tax Asset/Liability,

are items of income or expense that are treated differently for book and tax reporting and the difference will not reverse in future years.

Which statement is false for permanent differences:

permanent differences will result in taxable or deductible amounts in future years

a permanent difference is an item of income or expense that is treated differently for book and tax reporting

the difference will not reverse in future years,

Quiz TAX

Authored by Pawel Woda

Social Studies

Professional Development

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20 questions

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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

One of criterias says an accrual must be posted when the probability of an event occurring as a percentage is at least?

70%

50%

90%

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In which situations accrual must be considered for booking ?

When goods/services are not received yet, but the amount is known from the budget or forcast

When the value is not material

When the documentation is reliable and authorized according to received good/services

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

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

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Quiz TAX

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?

One of criterias says an accrual must be posted when the probability of an event occurring as a percentage is at least?

In which situations accrual must be considered for 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...":

GSC Finance Manager must auhtorize prior to booking:

3M must prepare and complete accurate and timely tax returns in accordance with”

Department responsible for implementation of International Income Tax Accounting Standard at local level is:

Which entities should follow U.S. GAAP Accounting Standard Codification (ASC) 740 Income Taxes ( governs how companies recognize the effects of income taxes on their financial statements)

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