GFS part 1

Gains and losses on exchange transaction (at entities other than Global Capital) is recorded in the Profit and Loss Statement on which item?

• Profit before tax
• Expenses
• Cost of Goods Sold

What is functional currency?

• Foreign Currency in which entity did transaction
• The currency of the primary economic environment in which the entity operates
• Currency in which most transactions are settled

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

The inter-company statement must show the open invoices in AR sub ledger at month end and must be issued electronically in excel format by the

• First working day
• Second working day
• Third working day

The request for inter-company AP/AR write-off must be initiated by

• The entity with the accounts payable balance
• The entity with the accounts receivable balance
• GFAC Finance Compliance

Which team is responsible for overseeing the reconciliation of inter-company investments and contributed capital and of inter-company license fees:

• Inter-company STP
• Treasury
• GFAC Accounting Operations

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

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

• 70%

• 50%

• 90%

In which situations accrual must be considered for booking?

• When goods/services are not received yet, but the amount is known from the budget or forcast
• When the value is not material
• When the documentation is reliable and authorized according to received good/services

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

• 2 days
• 7 days
• 14 days