AP & Accruals
Accrual Policy requires to clear all open items accruals generated through cost conditions in purchase and sales orders on a timely basis within _______ number of days.
What is "30" or "30 days" or a "month"?
Inventory Policy indicates:
The exchange rate used is current FX rate except for _____ inventory.
What is "Hedged"?
Fixed Asset Policy indicates:
Threshold limit: Capital expenditures greater than $_____ USD and three years (3) life/benefit should be capitalized.
What is "$5,000"?
This BPC Report has DSO, DPO, DIO.
What is "Dashboard"?
T& E Policy requirements are built in this software.
What is "Chrome River"?
AP Policy on Contingent Liability requires two conditions to be met before accruing the contingent loss. These are:
1. Liability is _______
2. Reasonable estimated amount of loss
What is "Probable"?
Per Inventory policy and ASC 330, inventory must be valued in this currency.
What is "Functional" Currency?
Fixed Asset Policy indicates:
Asset impairment review including intangible asset must be completed __________ as a minimum. (Hint: answer is frequency of review)
What is "annually"?
The following are indicators of determining what?
1.Cashflow indicators
2.Sales price indicators,
3.Market indicators
4.Expense indicators
5.Financing indicators
6.Intercompany transactions and arrangements
What is "functional Currency"?
The following must be included in remediation of Findings:
1. External audit findings
2. Internal audit findings
3. Key Control self-assessment findings
4.__________________
What is "Statutory compliance findings"?
Accounts Payable Policy includes:
1. Maintains _____________. This meant we have to be on time with our payments.
What is "vendor relation"?
Inventory Policy indicates inventory should be Revalued at Lower of cost or _______________.
What is "Net realizable value"?
Fixed Asset Policy indicates, a lower threshold may be used if required for what purposes.
What is "statutory requirement"?
All findings from external, internal, key control self-assessments, and statutory findings must be reported in this form or template.
What is "Remediation of Findings"?
Consolidation process used to be performed by manually inputting data in excel until _____ was implemented in 2016 (Go-live).
What is "BPC"?
Accounts Payable Policy prohibits _________ without General Counsel approval. This is also requirement from FCPA act.
What is "Facilitation payments"?
Inventory Policy indicates:
____________on Purchase Order is one of the ways to impact the moving average cost of inventory in SAP.
What is "Goods receipts" or "goods receipts on Purchase Order"?
Fixed Asset Policy indicates Fixed asset register should contain. What does NBV stands for?
What is "Net book value"?
Daily Double: In balance sheet reconciliation Policy and key control checklist: Balance Sheet accounts are reconciled, reviewed and ________ according to documented Company policy. It means the details are checked for accuracy and whether valid or not.
What is "validated"?
In this accounting policy, transfer pricing, reconciliation, efficiency and elimination are a MUST DO.
What is "Intercompany"?
Daily Double:
Accounts Payable Policy includes:
1. Proper ______ and _____ around payment processing
What is "Authorization" and "Controls"?
Inventory Policy indicates:
Price variation posted on PO during ____________ posting impacts the inventory moving average cost in SAP.
What is "Invoice"?
Fixed Asset key control indicates:
The review of asset under construction must be performed ______ (Hint: Answer is frequency)
What is "Monthly"?
Daily Double: In revenue recognition policy, any shipments with this type of INCO terms should not be recognized until shipment is received by the customer/recipient.
What is "D terms"?
This software automated the identification of segregation of duties .
What is "Maestro"?