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GFS part 9

Authored by Mateusz Wnuk

Professional Development

Professional Development

Used 8+ times

GFS part 9
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Non-inventoried service transactions include billings for:

PPE’s
Service centers, IT licenses, Foreign Service Employees (FSEs) laboratory costs and license fees
Bonds and stocks

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which accounts should be used to record non-inventoriable support services in source of supply entity:

dr – 1260000 - Intercompany Accounts Receivable, cr - 8131000 - Intercompany Support Services Income
dr - 1260000 - Intercompany Accounts Receivable, cr – 6050000 – Intercompany Revenue
dr – 14X0000 – Inventory, cr – 3260000 – Intercompany Payables.

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

When product is drop shipped to a third-party customer, the purchasing subsidiary must generate the third-party invoice in accordance with the customer agreement. This must be:

After the inter-company invoice has been generated
After the product has been physically shipped
Both answers are correct

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

How often the reconciliation on inventory needs to be carried out:

At least monthly
At least quarterly
Annually

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is materiality level of root cause analysis for inventory reconciliation:

It can’t exceed 5k USD
It can’t exceed 15k USD
It can’t exceed 50k USD

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which are 3 levels of inventory reconciliations:

Inventory verification -> Quality reconciliation -> Value Reconciliation
Inventory verification -> Quantity reconciliation - > Value Reconciliation
Quality verification -> Quantity reconciliation -> Value reconciliation

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are characteristics of Pick to Zero (PTZ) inventory verification methodology:

Minimum requirement. Counts all slots as a "one time" event.
Counts all slots an equal number of times throughout the year. This may be twice, three times or four times. Ongoing activity throughout the year with a dedicated team.
Verifies slots which are depleted to zero quantity and asks for confirmation. Requires a supplemental physical verification of those slots not picked to zero during the required for time period

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