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Debt Collection Procedures and Compliance Guidelines

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Debt Collection Procedures and Compliance Guidelines

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Questions and Answers

What is the primary purpose of the policy discussed in the text?

To manage accounts payable accurately and timely

To establish guidelines for trade credits granting (correct)

To seek ratification from the NNPC Limited Board

To ensure compliance with GRC biennial review

Who is authorized to grant exceptions to the application of the policy discussed in the text?

GRC

Accounts Payable department

GCEO (correct)

Board of NNPC Limited

What is required to be recorded as accounts payable as per the discussed policy?

Purchase order only

Goods received note only

Proper documentation as per the policy (correct)

Contract agreement/letter of intent only

What is the purpose of the Imprest Management policy discussed in the text?

To manage NNPC Limited and its Subsidiaries' imprest funds Signup and view all the answers

What happens if a debtor cannot be located?

The outstanding debt is written off Signup and view all the answers

Who is authorized to grant exceptions to the application of policies within NNPC Limited?

GCEO Signup and view all the answers

What is the first right of NNPC staff for movable assets approved for disposal according to the text?

To purchase the assets at a reserved price through secret balloting Signup and view all the answers

How should the disposal of assets to salvage buyers be conducted according to the text?

Through an open competitive bidding Signup and view all the answers

What department is responsible for overseeing the receipt of payment for disposed assets according to the text?

Finance and Treasury Department Signup and view all the answers

In what circumstance can disposed assets be transferred to the buyer according to the text?

Upon receipt of evidence of payment from Treasury Department Signup and view all the answers