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May 2025

Authored by Michał Master

Financial Education

Professional Development

Used 1+ times

May 2025
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15 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is responsible for approving letters of credit at 3M?

A) Global Treasury Transformation team
B) Customer Issue Resolution (CIR) team
C) Area Credit Risk Leader

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is 3M’s preferred form of payment?

A) Cash
B) Direct Debit
C) Certified Check

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What happens to accounts receivable when a payment is recorded in 3M’s bank account?

A) Accounts receivable are reduced on the date the payment is received
B) Accounts receivable are reduced only after customer confirmation
C) Accounts receivable remain unchanged for 30 days

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is one of the key criteria for booking an accrual according to 3M's procedure?

A. The amount must be greater than $100,000
B. The financial impact can be estimated and the event is probable
C. The transaction must involve a vendor from outside the United States

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following is not a permitted use of accruals?

A. Recognizing expenses for goods and services already received
B. Matching expenses with revenues in the same period
C. Smoothing expenses over multiple periods to match a budget

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

According to the procedure, what must happen to journal entries for accruals?

A. They should never be reversed
B. They must be processed as reversing entries
C. They must be posted manually only

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the maximum time allowed for accounts receivable to remain overdue before being written off according to 3M policy? ​

A) 90 days past due
B) 120 days past due
C) 180 days past due

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