9 Questions
What accounts are reconciled during the period end financial reporting process?
Material general ledger accounts
What types of journal entries are recorded during the period end financial reporting process?
Deferred revenue and case reserve true-ups, expense and revenue accruals, A/R reserve true-up, and investment accounting entries
When does the VP - Controller prepare a month over month comparison of the financial results?
By the end of the third business day following the period end closing date
When is the Flash Report prepared and submitted to the parent company?
On the fourth business day following the period end closing date
What is the responsibility of the VP - Financial Reporting and Analysis during the period end financial reporting process?
The responsibility of the VP - Financial Reporting and Analysis during the period end financial reporting process is to prepare the Flash Report to be submitted to the parent company.
When are the material general ledger accounts reconciled and journal entries recorded during the period end financial reporting process?
The material general ledger accounts are reconciled and any required journal entries are recorded beginning on the first business day following the period end closing date.
What does the month over month comparison prepared by the VP - Controller evaluate?
The month over month comparison prepared by the VP - Controller evaluates the completeness and accuracy of the financial information.
Who reviews the items noted in the month over month comparison with the CFO and VP - C?
The CFO and VP - C review the items noted in the month over month comparison.
What is the purpose of comparing the results in the Flash Report to budget and prior year actuals?
The purpose of comparing the results in the Flash Report to budget and prior year actuals is to identify unusual fluctuations.
This quiz tests your knowledge on period end financial reporting responsibilities and processes. Learn about the roles of CFO, VP-Controller, and VP-Financial Reporting and Analysis. Understand the reconciliation of general ledger accounts and recording of journal entries. Take the quiz now to enhance your understanding of period end financial reporting.
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