GFS Q4 2023

What are the requirements of the CECL model?

• When the receivable is initially recorded, expected credit losses are estimated and a reserve is created within the same month
• When the receivable is initially recorded, expected credit losses are estimated and a reserve is not created
• When the receivable is initially recorded, expected credit losses are estimated and a reserve will be created next month

What should be reported on the account 1365000 (A/R allowance charged off)?

• Bad debts written off in the current year
• Outgoing payments
• Deposits

The A/R Allowance expense for each category must be allocated appropriately to…

• Material number
• Internal order
• Profit Center

Which field is not required in the fixed asset record?

• Asset location
• Model number
• Asset description

How often a physical verification of all assets must be performed (for 3M locations)?

• Every 5 years at a minimum
• Every 10 years at a minimum
• Every 6 years at a minimum

What is verified during the review of fixed asset records?

• The accuracy of every component of information for a specific asset recorded in the fixed asset system
• The accuracy of every component of information for a specific asset not recorded in the fixed asset system
• Nothing is verified, this process does not exist

Once the AFD is processed, the fixed asset must be physically removed from 3M, vendor, or customer locations. Within how many days it should be removed

• 90 days
• 180 days
• 30 days

Who is responsible for authorizing the disposal?

• Global Financial Accounting Center (GFAC) – Property Accounting
• The Global Service Centers (GSC)
• Engineering Managers and Finance Managers

When a software should be disposed of?

• After 36 months of the NBV being zero
• After 12 months of the NBV being zero, regardless of whether or not the software is still being utilized
• Never, there is no need to dispose of software

Who is responsible for an annual review of subsidiary eligibility to participate in the GloPay process and for informing GloPay Admin of any regulatory changes that directly impact eligibility:

• GSC Manager
• Country Finance Manager
• Regional Treasury Manager