3M's GFS

Which mentioned items had to meet the conditions in scope for lease agreements?

• Lease term +1 month and contract value greater than $5k

• Lease term +12 month and contract value greater than $8k

• Lease term +12 month and contract value greater than $15k

If a customer bankrupted, recovering of receivables should be analyzed by?

• Outside law company

• Credit Risk Management and legal teams of the country

• Big four company

Any differences over $100,000 of reconciliation between BPC and ERP/Legacy must be explained and resolved by?

• 3 months

• By the following month

• 2 weeks

What is the definition of embedded lease under ASC 842?

• Arrangement contained that vendor would sell assets used in traction on a specified date after end of contract date

• A contract with a vendor that uses an asset as part of the provided item and the use of that asset meets the definition of a lease

• Contract concerned assets purchased partially from vendor but still in use in process of contact by lessee

Unreconciled items (balances) of $50,001 - $1M, must be cleared and supported within?

• 1 month after closure

• 2 months after closure

• 3 months after closure

Who is responsible for providing necessary data and required supporting documentation for reconciling items?

• All process streams

• The Global Process Lead (GPL)

• The Area Process Lead (APL)

General part of payments from customers must be applied to the correct customer account usually within?

• 2 days

• 7 days

• 14 days

What are examples of the assets most leased commonly at 3M?

• Intangible assets, IT equipment, leases of inventory

• Real estate, apartments for employees, contract manufacturing

• Assets under construction, vehicles, IT service agreements

After how many days receivables which are considered as uncollectible should be write off?

• 90

• 140

• 180

What is reporting Currency?

• Currency used to present The Statement of Financial Position

• Currency used to present The Profit and Loss Statement

• Currency used to present consolidated financial statements