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EM > Policies > Flashcards

Policies Flashcards

1
Q

what is the threshold amount for intergroup reimbursement based on Policy 02100

A

50 CAD

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2
Q

what are the 2 specific and non-specific scenarios in Policy 02100 and what should be done

A
  • 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)
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3
Q

what is an exception to policy 02100

A

billing of DR tickets

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4
Q

what 6 components must be in a T&E for it to be acceptable

A
  • 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
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5
Q

what should be done with missing or lost receipts

A

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

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6
Q

business travel account and what is included

A

638004, Airfare, lodging, taxi, rental

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7
Q

business meal account and what is included

A

638024, Review lunches, busy day lunches, marketing lunches, snacks

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8
Q

social events account and what is included

A

610000 - Holiday parties, seasonal group events, holiday gifts, anniversary gifts

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9
Q

top management outing account

A

638020

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10
Q

third party entertainment account and what is the spread

A

638020, group spread

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11
Q

third party food account and must it be seperated?

A

638024, yes it must be on a separate receipt from third party entertainment

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12
Q

training travel account and what is included

A

611000, airfare, lodging, transportation

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13
Q

training food account

A

611020

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14
Q

where should admin training expenses go

A

Admin expenses are recorded to the admin branch and then allocated to overhead of operating branches

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15
Q

Policy 14205 of Direct Costing, what 3 components does it mention for direct costs

A

depreciation, interest, inventory adjustment

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16
Q

on whose books are DR, Company Car, and Shuttle units capitalized?

A

the financial owner

17
Q

Direct costs are first recorded on whose books, what occurs after, and which direct costs can this be done for

A

they are first recorded on the books of the financial owner, then allocated to the operating group for all Direct costs besides depreciation

18
Q

which group is responsible for deletion and car sales recording

A

Operating/Controlling group is responsible for deletion and car sales recording

19
Q

what is the regular depreciation formula

A

rate x days x vehicle cost

20
Q

how is the monthly depreciation rate converted to daily

A

(monthly x 12)/365

21
Q

explain the 2 entries required for recording depreciation and the use of an offset account

A

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

22
Q

how should depreciation rate changes be treated

A

prospectively

23
Q

how should depreciation cost changes be treated and provide the equation

A

retrospectively
new cost x new rate x days + change in cost x new rate x days

24
Q

what are the accounts for DR and TR preventative maintenance and what goes into them

A

500300/1, oil changes, lube, filters, fluid damages, brakes, windshield wipers

25
Q

pertaining to customer needs, what should be done in the case of a brakedown and give an example of a brakedown

A
  • Breakdowns - customer handled as a VIP and actions taken to get them on the road ASAP as well as no longer inconvenience them
    E.g. Tire/flat repairs
26
Q

pertaining to customer needs, what should be done in the case of an accident

A

Rec’ Grp documents loss report, files claim and report to Originating Group. Replacement vehicle should be same class

27
Q

is receiving or finacnial owner group responsible for returning vehicle to rent ready

A

receiving group

28
Q

are temporary licenses allowed to be rented in one way trips

A

Temporary license plates should not be put on the road on ONE WAY TRIPS until the plates have been replaced by Rec’ Grp’

29
Q

should the receiving or financial owner absorb maintenance costs and when should it be billed back

A

Rec’ Grp’ should absorb the entire corrective and preventative maintenance and billed back only if above $50

30
Q

when should receiving group will to 110040 (3 scenarios)

A
  • Damages from rental (AX) - charge back to Org’ Grp
  • Damages previously recorded (AX or XX) that are yet to be repaired - charge to Org’ Grp
  • New damage noted on return that was not previously documented
31
Q

what are 2 examples of damaged glass that requires replacement

A

“stars” and cracks

32
Q

what are 4 examples of damaged exterior

A

○ Cracked, missing, headlight, taillight, markers, turn indicators
○ Missing mirrors
○ Body panel or wheel that is totally detached or punctured
- Hail or flood (weather damage)

33
Q

what are some examples of other damages

A

Dents, scratches, scrapes, creases, poor previous repairs, scuff marks

34
Q

what are 4 examples of interior damages

A
  • Holes or burn marks
  • Rips, tears
  • Abused, detached, missing component
  • Stain
35
Q

does wear and tear require a loss report

A

no

36
Q

when are drop fees charged and why might there be a flat fee

A

drop fees charged based on actual or estimated costs when a unit is returned to a branch it was not rented from.
Branches that are prone to receive units that are not theirs (i.e. Airport), may charge flat drop rate fees to Renting Branch

37
Q

what are the 2 entries for recording regular drop fees

A

first one records a receivable and revenue
second one records the cost of the unit movement

38
Q

what is the entry for recording the flat rate

A

the renting branch gets expensed and the receiving branch gets revenue

39
Q

what is the threshold between preventative/corrective and reconditioning

A

> 400 record to preventative or corrective
<400 record to reconditioning

EM (4 decks)

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