What is functional currency?

The currency of the primary economic environment in which the entity operates

Foreign Currency in which entity did transaction

Currency in which most transactions are settled

Does 3M Global Capital (the Eurobank) maintain cashpools in various currencies?

Yes, but onlny in specified countries (regions)

Cashpooling accounts are either in-house bank (IHB) or third-party bank accounts that are held by?

Local management team of entity which transfers money

What Global Value Netting Date is?

The day of the month that the intercompany payments are settled

The day when intercompany loans might be run

The day when funds are finally prepared before transferring to another subsidiary

An intangible asset is

a non-current asset that does not have physical substance and can be classified as identifiable or unidentifiable

a current asset that does not have physical substance and can be classified as identifiable or unidentifiable

a non-current asset that does not have physical substance and it cannot be classified

In accordance with US GAAP's ASC 350, Intangibles – goodwill and other, indefinite lived intangible assets are tested for impairment :

annually and are tested for impairment between annual tests if a triggering event occurred that would indicate that the carrying amount may be impaired

monthly and are tested for impairment between monthly tests if a triggering event occurred that would indicate that the carrying amount may be impaired

quaterly and are tested for impairment between quater tests if a triggering event occurred that would indicate that the carrying amount may be impaired

What is the definition of Goodwill:

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business acquisition that are not individually identified and separately recognized. It generally amounts to the excess of the purchase consideration over the net fair value of the assets acquired minus liabilities assumed

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business acquisition that are individually identified and separately recognized. It generally amounts to the excess of the purchase consideration over the net fair value of the assets acquired minus liabilities assumed

Goodwill is an asset representing the past economic benefits arising from other assets acquired in a business acquisition that are not individually identified and separately recognized. It generally amounts to the deficit of the purchase consideration over the net fair value of the assets acquired minus liabilities

How can you calculate an impairment?

Step 1:Determine whether an impairment exists. This is when the sum of the undiscounted future cash flows (UFCF) over a certain time period is less than the net book value of the assets. Step 2: calculate the loss where impairment exists. This is where the net book value exceeds the fair market value of the assets

Step 1:Determine whether an impairment exists. This is when the sum of the undiscounted future cash flows (UFCF) over a certain time period is less than the net book value of the assets. Step 2: calculate the loss where impairment exists. This is where the net book value exceeds the fair market value of the assets. This is where the fair market value exceeds the net book value of the assets

October 2024

Authored by Michał Master

Financial Education

Professional Development

Used 6+ times

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16 questions

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MULTIPLE CHOICE QUESTION

1 min • 1 pt

When accrual must be used in the following situations?

When goods/services are not received yet, but it will be very soon

When the value is not material

When the documentation is reliable and authorized according to received good/service

MULTIPLE CHOICE QUESTION

1 min • 1 pt

For non-SAP related accruals who must authorize and confirm the accuracy of the accrual?

Any clerk from controlling team

Country/regional or division finance manager

Chief Accountant

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Accruals must be posted when the probability of an event occurring as a percentage?

70%

50%

90%

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Who is responsible for opening a new bank account?

GL accountant

Regional Treasury Operations Team

Controlling

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What are Non-Preferred Banks?

Banks that meet minimum credit ratingcriteria and ability to sweep cash balancesto a preferred bank

Banks with low trust rating

Banks with limited number of services

MULTIPLE CHOICE QUESTION

1 min • 1 pt

3M's global payment design requires all payments initiated by?

Bank portal

Special treasury software

SAP

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is reporting Currency?

Currency used to present The Statement of Financial Position

Currency used to present consolidated financial statements

Currency used to present The Profit and Loss Statement

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October 2024

When accrual must be used in the following situations?

For non-SAP related accruals who must authorize and confirm the accuracy of the accrual?

Accruals must be posted when the probability of an event occurring as a percentage?

Who is responsible for opening a new bank account?

What are Non-Preferred Banks?

3M's global payment design requires all payments initiated by?

What is reporting Currency?

Gains and losses on exchange transaction is recorded in the Profit and Loss Statement on which item?

What is functional currency?

Does 3M Global Capital (the Eurobank) maintain cashpools in various currencies?

Access all questions and much more by creating a free account

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Popular Resources on Wayground

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