Quiz CashApp

Unreconciled items (balances) of $50,001 - $1M, must be cleared and supported within?

• 3 months after closure
• 2 months after closure
• 1 month after closure

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

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.

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

• 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;
• This procedure applies to system generated/automated journal entries;
• 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?:

• Entries permanently adjusting balance sheet accounts as a result of account reconciliations. For example, writing off a difference on a balance sheet account;
• Correction of automatically posted accruals where the correction is less than $50,000;
• 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 AR Allowance process does not apply to?

• Export and Intercompany sales.
• Domestic and export related sales.
• Sales rebates, MDF, charchgebacks, ICO.

How often should we calculate and post AR Allowance accrual?

• At least on monthly basis.
• At least on quarterly basis.
• At least once a year.

What ratio is used for AR Allowance accrual calculation?

• Historical 5-year average %.
• Historical 2-year average %.
• Historical 3-year average %.