We Comply - General Accounting

1. You identify in your reconciliation an item without a supporting documentation and you don't know the source yet, how would you classify it? 

• a) Item class: Required Adjustment -Subtype: Open Item

• b) Item class: List Component

• c) Item Class: List Component - Subtype: Reconciling item

• d) Item class: Timing Item

2. You identify a reconciliation in which further action is needed and the source of variance is already known, how would you classify it? 

• a) Item class: Required Adjustment -Subtype: Open Item

• b) Item class: List Component

• c) Item Class: Required Adjustment - Subtype: Reconciling item

• d) Item class: Timing Item

3. Below are the financial statement assertions for accounts reconciliation except:

• a) Completeness

• b) Validity

• c) Restricted Access

• d) Accuracy

4. When an item is tagged as reconciling item during the BSAR preparation, it is encouraged to provide NAPCT presentation. What does "A" in NAPCT stands for? 

• a) Action plan

• b) Approver

• c) Aging

• d) Adjusting Entry

5) Privacy of Personal Identification Information (PII) must not be attached within supporting documentation in Blackline. When a journal entry or BSAR support includes PII data, what is the best recommended action step for the preparer?

• a) Contact GS compliance

• b) Do not attached any support for the BSAR / JE in Blackline

• c) Make a note in the BSAR/ JE to contact the responsible group in order to obtain additional details on a particular transaction

• d) Inform the BSAR approver of the issue

6) What is the risk being addressed by BSAR controls?

• a) Variances in the financials reported in the local books vs consolidation financial statements

• b) Account balances stated in the general ledger do not reconcile to the subsidiary ledger and/ or the reconciliation contains invalid items

• c) Absence of GL to BRAVO reconciliation leading to incorrect presentation of financial statements during consolidation

• d) Unapproved Jes being posted in the system

7) Of the following BSAR attributes, which attests to the validity assertion?

• a) Inspect that the reconciliation is reviewed in a timely manner 

• b) The approver of the reconciliation did not have access to post journal entries & was in a position of knowledge to detect unusual & fraudulent activity

• c) Inspect that the GL balance per reconciliation tied back to the TB

• d) Inspect that the reconciliation tied back to third party documentation or supporting schedules, including components of the ending balance ( estimates, accruals, etc.,)

8) Which of the following must be excluded from the supporting documents of the reconciliation of the Other Deposit account?

• a) Invoices

• b) Balance confirmation from J&J Opco

• c) Balance attestation from third party

• d) None of the above

9) The key accounts should be approved by what C date?

• a) C+8

• b) C+6

• c) C+5

• d) C+3

10) Account Reconciliation helps ensure 

• a) completeness

• b) accuracy

• c) validity

• d) all of the above