Section 4 Assessment
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Tracking and Reporting System Assessment
Tracking and Reporting System Assessment
This assessment is a 7-question interactive quiz comprising of true or false and multiple choices that covers the concepts discussed in Section 4 Tracking and Reporting System. You have unlimited attempts and no time limit to complete it. If you are pursuing the Finance and Financial Management Certificate, you must earn 85% or higher for this quiz to qualify towards unlocking the final exam.
This assessment is a 7-question interactive quiz comprising of true or false and multiple choices that covers the concepts discussed in Section 4 Tracking and Reporting System. You have unlimited attempts and no time limit to complete it. If you are pursuing the Finance and Financial Management Certificate, you must earn 85% or higher for this quiz to qualify towards unlocking the final exam.
Any questions you answer incorrectly will provide feedback to the right answers.
Any questions you answer incorrectly will provide feedback to the right answers.
1. True or False, apart from allocates income and expense to the schools and departments, finance department also set financial compliance standard.
Answer: false, the controller set compliance standards and practices for schools and departments based on laws and regulations.
2. True or False, Procurement should be decentralized as it will be faster schools and departments to place purchasing orders, make payments and report expenses.
Answer: false, Procurement should be managed centrally through negotiated contracts that provide the required quality of services/products at the best prices.
3. True or False, Purchaser and Cardholder should be different person to avoid moral hazard in procurement process.
Answer: false, Purchaser and Cardholder can be the same person or even same with reconciler as long as the transactions been approved by P-card transaction approver who’s a different person.
4. True or False, expense reports only requires when the schools and department make payment with P-card.
Answer: false, any purchasing orders incurred while conducting University business need to file an expense report.
5. Which one of the following is not the required steps after placing a purchasing order
a. creating an expense report.
b. monitoring the budget.
c. transferring funds.
d. approving purchasing orders.
Answer: c, transferring funds happen only when departments or schools need to adapt its budget allocation in case of overdraft, reimburse an account, etc.
6. Which of the following statement is correct.
a. a university can tell its fiscal health through a Cash Flow Statement.
b. the main types of financial reports are Balance Sheet, Income Statement, and Cash Flow Statement.
c. peak cash flow in Cash Flow Statement is often happen at the end of each year.
d. Indiana University operates income statement on 12 periods basis.
Answer: b, the main types of financial reports are Balance Sheet, Income Statement, and Cash Flow Statement.
7. True or False, senior level administrator are using financial reports not only to understand its financial status but also as an information to see if the university need to make changes to its mission or vision.
Answer: true
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