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WorksheetsM7_ Reconciliations (2)
Total questions: 10
Worksheet time: 6mins
When reconciling, what should be considered?
SELECT ALL THE APPLY
Accuracy and Reliability
Appropriateness and Allowability
Completeness
Reasonableness and Necessity
Signing the certification on the last page of this report is required when reconciling.
Snapshot by Organization
Transaction Detail Report
Fund by Account Report
Fund Detail Report
The Snapshot by Organization print out and certification should be retained in the department files for how many years?
1
2
3
4
What are the two roles required for proper segregation of duties during reconcilation?
preparer
cash handler
reviewer
witness
The individual who performs the reconciliation and prepares documentation for review and approval.
preparer
reviewer
The Department Head or Business Manager who has the knowledge to review and approve the reconciliation performed by the preparer and verify the adequacy and reasonableness of the charges and credits posted to the fund.
preparer
reviewer
What Microstrategy reports are recommended to be used for reconciliation purposes? (CHOOSE THREE)
Snapshot by Organization Report
Transaction Detail Report
Fund by Account Report
Encumbrance Aging Report
How can you document reconciliation has taken place?
SELECT ALL THAT APPLY
Use tick marks or highlight items that are reconciling items
Initial the transaction report after your review is complete
Obtain required signatures
There is no need for documentation
True or False: For sponsored projects, it is important that the principal investigator (PI) review their projects.
True
False
Required monthly review of all actions is referred to as
review
reconciliation
revenue
checking
