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WorksheetsIC recap2
Total questions: 8
Worksheet time: 5mins
Which of the following can be the example of intercompany recharges?
Management Fees
IT costs
Insurance
All answers are correct
Is seller (AR side) always right?
Yes
No
Which of the following should be (usually is) included in Intercompany Policy?
Deadlines
Invoice requirements
Thresholds
Disputes handling
All answers are correct
Is it obligatory to have Intercompany Policy?
Yes
No
No, but is recommended
During IC reconciliation in December it was discovered that 1 invoice was not posted on buyer (AP) side. What should be done if AP subledger is already closed?
No action required
No action needed in December, invoice to be posted in January
Accrual should be booked in December, reversed in January and invoice posted in January
Company A and B are in the same group XYZ which has a headquarter in Amsterdam. Company A (US) issued intercompany invoice to company B (Switzerland), amount of the invoice 5000 USD for the goods sold. In which currency invoice should be accounted for by company B?
in CHF which is a currency of company B
in USD which is a document currency
in EUR which is a group currency
Group XYZ consist of 5 companies A, B, C, D &E
Company F provides Insurance services and issues invoices to company C.
Is this an intercompany transaction?
Yes
No
What are the purposes of Intercompany Reconciliation within the same corporate group?
Global tax reconciliation
Preparation of consolidated financial statements
Defining margin on operational business units
Elimination of intercompany profits
