What Do You Know About Expense Approval Responsibilities?

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| By FCProcurement
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FCProcurement
Community Contributor
Quizzes Created: 1 | Total Attempts: 173
| Attempts: 173
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  • 1/6 Questions

    As an approver, your main responsbility(s) is to-

    • Check if the purchases are legitimate
    • Check for correct allocations and expense entries
    • Check if all charges have been reconciled
    • All of the above
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About This 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 understand procedures you should follow when it comes to expenses.

What Do You Know About Expense Approval Responsibilities? - Quiz

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  • 2. 

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

    • Resend the report to the employee

    • Approve it and let them know

    • Notify the PA

    • Ask the user to recall their report

    Correct Answer
    A. Resend the report to the employee
    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 -

    • True

    • False

    Correct Answer
    A. False
    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

    • True

    • False

    Correct Answer
    A. True
    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

    • True

    • False

    Correct Answer
    A. False
    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

    • True

    • False

    Correct Answer
    A. False
    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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Quiz Review Timeline (Updated): Nov 16, 2023 +

Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Feb 12, 2014
    Quiz Created by
    FCProcurement
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