July 2024

Prior to implementation, the revised risk ratings must be approved by?

• By the Area Controller, who may increase the risk level assigned to an account to “high” based on management judgement
• By the Global Process Lead, Global Finance Compliance Manager, Global SOX Manager and a representative of the GSC RTR Internal Control Managers who review and approve the overall result
• Both other answers

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

• 3 months after closure
• 2 months after closure
• 1 month after closure

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

• 2 weeks
• 3 months
• By the following month

One sentence is false - An accrual for third party GIT is:

• Required for Legacy if more than 50% of the shipping terms for inventoriable items indicate that the purchasing entity owns the inventory whilst in transit
• Recorded as a reversing entry on a monthly basis
• None of mentoined

Goods in transit refers to?

• Inventory items which have been shipped by the selling entity but not yet received by the purchasing entity
• Inventory items which have been shipped by the selling entity and received by the purchasing entity
• Inventory items which have been shipped by the selling entity and paid only by cash by purchasing entity

Inter-company goods in transit must be accrued:

• Regardless of the shipping terms
• Regardless of the invoicing terms
• Regardless of the purchasing terms

Asset costs must be capitalized when 3 criteria are met. One of them is:

• Cost is $15,000 USD or more on a per unit basis
• Estimated useful life is two years or more
• Estimated useful life is 5 years or more

An Authorization for Expenditure (AFE) is required for anyone at 3M that plans make an investment in:

• Equipment procured for sale
• Equipment procured for purchase
• Equipment procured for disposal

PP&E spare parts must meet the criteria to be capitalized. One of them is:

• The value of the part is greater than $50,000 USD
• There is a short lead time to obtain the part
• The value of the part is greater than $5,000 USD

When do on-invoice deductions for sales reductions typically appear?

• At the time when the product is shipped
• During the payment collection process
• When the deduction is paid/credited