SOX Variances

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SOX Variances knowledge test

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Lucia

Costa Rica

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SOX Variances


SOX VariancesVersion en ligne SOX Variances knowledge test par Lucia 1 “These Accounts are used to record the difference between the standard cost (inventory price) versus the purchase price "PO" and invoice price of a material purchased from another group entity.” The above description refers to: Choose one or more answers a Production variances b Revaluation c Group PPV variances d Intercompany variances 2 Which key validation should be considered while reviewing a transfer price variance adjustment? a Make sure that accounts are used properly impacting P&L and BS b Make sure that P&L is offset between both entities, for this you must review the product sales account for the counterpart. c Make sure that account is offset at month end close. d Make sure that the release is done to the P&L and there are no balances at FYE. 3 Which description belongs to 3rd Party PPV account. a This type of variance is the indicator for how actual production costs differ from the standard or planned costs. b These accounts are used to capitalize/de-capitalize variances. c It is used for direct shipment flows, instead of recognizing the inventory the entities use in the ICO price account d These accounts are used to record the difference between the STD cost vs the PO and invoice price of a material purchased from an external supplier. 4 What is the threshold to be considered to review and explain manual variance accounts a -$300k / $300k b -$100k / $100k c -$500K/ $500K d -$50K / $50K 5 Is the following scenario a valid group PPV variance? Variance caused by difference between the PO price vs the STD price for $13,000. The PO was created in Q1 at a price of $98 for IPC 423005213 per case but ZSTA table price and standard cost (MM03) were updated in Q2 to a new price of $72 per case. The GR was processed by 500 cs at the new STD cost during Q2 and the delivery note was processed in Q1. Choose one or more answers a Yes b No 6 Bacardi purchased 1000 LT of alcohol to Tereos Starch & Sweeteners Europe at $15 per LT. The ICC related to this purchase is code 8222025302 and its standard cost is $17per LT. Considering there is difference between the PO price and the STD, what will be the impact you should see in P&L? a Credit to P&L for $2 b Debit to P&L for $2000 c Debit to P&L for $2 d Credit to P&L for $ 2000

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SOX Variances

Test

À propos de cette activité

Créé par

Téléchargez la version pour jouer sur papier

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SOX VariancesVersion en ligne

par Lucia

“These Accounts are used to record the difference between the standard cost (inventory price) versus the purchase price "PO" and invoice price of a material purchased from another group entity.” The above description refers to:

Choose one or more answers

Which key validation should be considered while reviewing a transfer price variance adjustment?

Which description belongs to 3rd Party PPV account.

What is the threshold to be considered to review and explain manual variance accounts

Choose one or more answers

Bacardi purchased 1000 LT of alcohol to Tereos Starch & Sweeteners Europe at $15 per LT. The ICC related to this purchase is code 8222025302 and its standard cost is $17per LT. Considering there is difference between the PO price and the STD, what will be the impact you should see in P&L?