December 2024
Authored by Michał Master
Financial Education
Professional Development
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15 questions
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1.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
3M Company has internal controls in place to prevent violations of the FCPA. These include, but are not limited to:
Performing reviews and approving transactions that are taking place.
Month end reconciliations that verify account details and balances
Both answers are correct
2.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Foreign Corrupt Practices Act (FCPA) contains two sets of provision:
Anti-bribery provisions and books, records, and internal control provisions
Only anti-bribery provisions
External control provisions
3.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
According to FCPA, Government Officials can be
Professors who work at nonstate-run universities
Consultant, speaker, or advisor
Government employee who benefits from a 3M research grant
4.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
The greatest risk for 3M Company to be engaged with a VIE is through:
contract manufacturing relationship
employment related agreement
goods/services price conditions
5.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Definiton of Variable Interest Entity (VIE) is: entity that does not have sufficient financial support to survive on its own and where at least one of the following characteristics is present:
Insufficient equity investment at risk
Equity with substantive voting rights
Obligation to absorb losses
6.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Consultation with GFAC – External Reporting team is required if:
the 3M legal entity has a possible VIE arrangement and annual spending is greater than $5M or if the 3M legal entity has an investment in a third-party entity with net assets greater than $5M
the 3M legal entity has a possible VIE arrangement and annual spending is greater than $15M or if the 3M legal entity has an investment in a third-party entity with net assets greater than $15M
the 3M legal entity has a possible VIE arrangement and annual spending is greater than $1M
7.
MULTIPLE CHOICE QUESTION
1 min • 1 pt
Which statement is false?
A credit memo reduces sales and the customer’s receivable balance
A debit memo increases sales and the customer’s receivable balance
A credit memo increases sales and the customer’s receivable balance
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