Policies Flashcards
what is the threshold amount for intergroup reimbursement based on Policy 02100
50 CAD
what are the 2 specific and non-specific scenarios in Policy 02100 and what should be done
- If the expense is non-unit specific or non-claim specific record as if it were your expense
- If the expense is unit or claim specific record it under Misc Expenses (1681)
what is an exception to policy 02100
billing of DR tickets
what 6 components must be in a T&E for it to be acceptable
- Expense date
- Vendor name
- Adequate description (i.e. Busy day lunch)
- Name of attendees
- Itemized receipt (includes date, amount, items, vendor)
- Indication of branch or department to be billed
what should be done with missing or lost receipts
When a receipt is lost or missing, the expense must be backed by an explanation for loss of receipt and a bank statement of the expense
business travel account and what is included
638004, Airfare, lodging, taxi, rental
business meal account and what is included
638024, Review lunches, busy day lunches, marketing lunches, snacks
social events account and what is included
610000 - Holiday parties, seasonal group events, holiday gifts, anniversary gifts
top management outing account
638020
third party entertainment account and what is the spread
638020, group spread
third party food account and must it be seperated?
638024, yes it must be on a separate receipt from third party entertainment
training travel account and what is included
611000, airfare, lodging, transportation
training food account
611020
where should admin training expenses go
Admin expenses are recorded to the admin branch and then allocated to overhead of operating branches
Policy 14205 of Direct Costing, what 3 components does it mention for direct costs
depreciation, interest, inventory adjustment
on whose books are DR, Company Car, and Shuttle units capitalized?
the financial owner
Direct costs are first recorded on whose books, what occurs after, and which direct costs can this be done for
they are first recorded on the books of the financial owner, then allocated to the operating group for all Direct costs besides depreciation
which group is responsible for deletion and car sales recording
Operating/Controlling group is responsible for deletion and car sales recording
what is the regular depreciation formula
rate x days x vehicle cost
how is the monthly depreciation rate converted to daily
(monthly x 12)/365
explain the 2 entries required for recording depreciation and the use of an offset account
the first entry records depreciation expense on operating branch and an offset expense on financial owner as a credit
the second entry reverses the offset as a debit and records accumulated depreciation
how should depreciation rate changes be treated
prospectively
how should depreciation cost changes be treated and provide the equation
retrospectively
new cost x new rate x days + change in cost x new rate x days
what are the accounts for DR and TR preventative maintenance and what goes into them
500300/1, oil changes, lube, filters, fluid damages, brakes, windshield wipers
