What Do You Know About Expense Approval Responsibilities?

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| By FCProcurement
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FCProcurement
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| Attempts: 173 | Questions: 6
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1. As an approver, your main responsbility(s) is to-

Explanation

The main responsibility of an approver is to ensure that the purchases are legitimate, meaning that they are authorized and necessary expenses. They also need to check for correct allocations and expense entries, ensuring that the charges are correctly categorized and recorded. Additionally, they are responsible for checking if all charges have been reconciled, meaning that all transactions have been properly matched and accounted for. Therefore, the correct answer is "All of the above" as all these responsibilities fall under the role of an approver.

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What Do You Know About Expense Approval Responsibilities? - Quiz

What Do You Know About Expense Approval Responsibilities? When running a business, it is important to ensure that every procedure is cleared before it takes place, or else the business assets would be used inappropriately or some expenses not be justified. Take up this quiz and see how well you... see moreunderstand procedures you should follow when it comes to expenses. see less

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2. If you found something incorrect with a report, the best way to approach this would be-

Explanation

The best way to approach a situation where you find something incorrect with a report is to resend the report to the employee. This allows the employee to review their work and make any necessary corrections. It also ensures that the correct information is being communicated and prevents any potential misunderstandings or errors from being overlooked. By directly involving the employee in the process, you give them the opportunity to rectify their mistake and learn from it.

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3. A temporary approver is the same as a default approver -

Explanation

A temporary approver is not the same as a default approver. A temporary approver is someone who is assigned to approve a task or request for a specific period of time, usually in the absence of the default approver. On the other hand, a default approver is the person who is designated to approve tasks or requests by default, unless otherwise specified. Therefore, they are not the same.

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4. Statement Reports cannot be submitted until the 22nd of every month and must be approved by the end of the month

Explanation

The statement states that reports cannot be submitted until the 22nd of every month and must be approved by the end of the month. This means that reports can only be submitted after the 22nd and must be approved before the end of the month. Therefore, the answer "True" is correct, as it aligns with the statement.

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5. You can set up a permanent approver who can approve in your absence

Explanation

You cannot set up a permanent approver who can approve in your absence.

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6. If needed, your expense delegate can approve an expense report for you

Explanation

This statement is false because the question is stating that "your expense delegate can approve an expense report for you if needed." However, the correct answer is false because it implies that your expense delegate cannot approve an expense report for you.

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  • Feb 12, 2014
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As an approver, your main responsbility(s) is to-
If you found something incorrect with a report, the best way to...
A temporary approver is the same as a default approver -
Statement Reports cannot be submitted until the 22nd of every month...
You can set up a permanent approver who can approve in your absence
If needed, your expense delegate can approve an expense report for you
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