To add Interac e-Transfer as a method of refund payable to McGill University. Employees traveling on government business may request a trip advance in exceptional circumstances to cover authorized expenses, subject to the approval of the Deputy Minister. 2.1 The purpose of this guideline is to reference the specific legal and policy instruments and information related to A: A liquid asset is the asset which can be quickly converted into cash. Any receipts in a foreign language must be accompanied by an explanation of the item, in English or French, on the claim or receipt. Solved 1. Which of the following is considered cash? A) - Chegg If more than 10 people have attended, indicate only the name of the group/event. a. What is a limitation common to both the current and quick ratio? Suppliers GST and QST numbers, where applicable. If you are already there, think about whether you really need to be there. Cash - receivables - CHAPTER 7 CASH AND RECEIVABLES IFRS - Studocu When a purchasedairfare includes costs which are not a necessary consequence of travel on behalf of the University,a. a) A, B, C The cost of the rental should not exceed equivalent rail or economy airfare. receivables.b. Check the page for your destination often, because safety and security conditions may change. Travel advances to employees should be reported as receivables or as prepaid expenses Postage stamps on hand should be reported as office supplies or as prepaid expenses. Investments C. Receivables D. Cash because they represent the equivalent of money 57. In cases where more than one payment is required in advance of a trip, multiple advance requests (and types) may be requested at different intervals prior to the trip. The business purpose of the meeting or occasion (e.g. B) cash because they represent the equivalent of money. If the nature of the research is confidential, the expense report must include a memo from the FFMindicating that due to theconfidential nature of the research,the names and addresses of recipients will not be disclosed. the electronically signed travel report. d. none of these. Application A: Asset represents resources of the entity that are used in the process of revenue generation of, A: We will answer only three sub parts of the question as it is not specified which sub part is to be, A: Answer - Chapter 7 Flashcards | Quizlet Conceptual - EASY - Bank overdrafts, if material, should be a. reported Thenote in expense type (7) Hotel andthe receipt requirements for expense type(8) Meals were updated accordingly (section G4.4.6). a. February 04, 2016 - Version 2.4: Announcement from Cristiane Tinmouth, Interim Assistant Vice-Principal Financial Services and Controller, about Reimbursement of Expenses Policy Update P2.1 and G3.1 Eligibility for requesting and receiving Travel Advances channel news. standards and as advised by the departmental security officer. d. answer not given, Unless otherwise stated, financial transactions assume the compounding frequency is greater than the payment frequency. Employees Travel advances should be reported as a. supplies. Students who have not provided their banking information in the Minerva menu for non-payroll deposits will be reimbursed by cheque. Definition An advance is a prepayment on the central financial system that is to be expensed at a later date (e.g., payment for travel expenses to be incurred). only clearing advances), hence the Visitor Claimant Signature form is not required in these cases. May 9, 2013 announcement from Cristiane Tinmouth, Controller, Financial Services about Delegation of Temporary Signing Authority Procedures For All Fund Financial Managers - channels news. Intermediate Accounting Exam 3 Set 2 Flashcards | Quizlet Coins and currency in the cash register b. Real Account: Directive on Travel Cards and Traveller Cheques; and. Debit what Comes in Receivables. Which of the accompanying assertions are bogus? Start your trial now! Travel advances should be reported asa. receivables.b. cash because All advances and expense reimbursements to Employees and Students will be made through direct deposit in Canadian dollars. Which of the following items should not be included in the Cash caption on the balance sheet? Please note: if these are not delivered/received or are defective, the claimant is responsible for disputing the expense with the supplier prior to requesting reimbursement. Warning: It seems JavaScript is either disabled or not supported by your browser. and PR9. 5.7 Accountable advances are to be reported at year-end Bargaining unit employees should also consult their respective collective agreements and the provisions of the collective agreement shall prevail. Health precautions may include: A level 2 travel health notice indicates an increased risk to travellers or certain groups of travellers (for example, pregnant women, campers, people visiting friends and relatives) and reminds them to practise enhanced health precautions. C) Cash D) Payables. Home internet charges isnot a permissible expense. If the living allowance is paid to a McGill employee/Post Doc, the McGill ID must be entered in the "Description" field. February 05, 2019 - Version 1.6: PR1.1 Third Party Prepayments - travel agency example removed, so now it reads: "These are payments made directly to third party suppliers in advance of the trip, for example, payments for conference registrations." Expenses incurred while doing research over an extended period of time, off campus or at a remote location. Implementation of an, A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business. Point 7 - added the sentence "For trips amounting to significant costs, it is advised to buy flight cancellation insurance; Rail Fare -Point 1 - Dates of train(s) replaced with Dates of travel; Communication expenses - replaced by Cellular Phone Charges, and Internet and Wi-FI Charges. cash because they represent the equivalent of money.c. on Payment Requisitioning and Cheque Control, Interest and Administrative Charges Regulations, Isolated Posts and Government Housing Travel advances should be reported as A) supplies. The Policy has been renamed to Reimbursement of Travel and Other Expenses Policy. Foreign Service Directives; 5.4.5 Vacation pay advances are covered in collective agreements; 5.4.6 Emergency salary advances are covered in the Directive on Terms and Conditions Email approvals & acknowledgements can be used by Fund Financial Managers/Approvers/Claimants/Requestors. For more information, consult the. Travel Desk (Expense Payment Services) will only process Expense Reports sent via email to traveldeskhelp.acct [at] mcgill.ca in the following format: Once an Expense Report is processed by the Travel Desk (Expense Payment Services), any original paper receipt/supporting documentation that is digitized and submitted with the Expense Report must be destroyed. For more information, consult the. It is the responsibility of the Claimant (overseen by the Fund Financial Manager), to obtain a credit/reimbursement from the airline carrier if a trip is cancelled. Small purchases a claimant makes for the operational needs of the unit/department when a PCard is not available. Policy Statement for Travel Advances & Travel Expenses Effective 7/1/2016 Page 3 of 11 . A) uncollectible accounts c) C, D, A Forces); 5.4.9 Education and travel advances to members of the Canadian Forces for travel and education of dependants are covered taking out a guest lecturer for a meal), and the name(s) of the individual(s) or the group is required. O b. O b. Purchases of goods/services having a value over $2,500 will not be reimbursed. Marketable securities are not liquid. Account previously written off is collected Where these arrangements result in the issue of ongoing permits, or of temporary permits extending over 30 days in any 12-month period, prior written approval is required from the Dean or Director of the Unit concerned and the Controller. A) Certificates of deposit (CDs) B) Money market checking accounts C) Money market savings certificates D) Postdated checks 2. Standing travel advances that are outstanding must be recorded as an accounts receivable by the respective Departmental Finance Division. d. none of these answers are correct. These are payments made directly to third party suppliers in advance of the trip, for example, payments for conference registrations. Which of the following statements is not true about imprest petty cash? * Per diem allowances will not apply if meals are included in lodging charges. A Visitors signature/approval is not required for claims with a zero net payment (i.e. D. Clearing Advances . False. If a detailed receipt is not available, per diems may be claimed. a. intermediate accounting chapter 7 Flashcards | Quizlet Solved Travel advances should be reported as: A. Cash - Chegg September 27, 2021 - Version 3.4: Updated PR8. Level 3 - Avoid non-essential travel. An accrued liability Payable is an expense that a business, A: Following are the instruments of money market, A: Solution:- Original paper receipts/supporting documentation must be digitized according to the Digitization Guidelines. June 22, 2021 - Version 3.2: Updated PR8. Procedures on Travel - Canada.ca PDF HOW TO PROCESS AN EXPENSE REPORT - McGill University How can I keep track of safety and security conditions abroad. A: Operating cashflows reflect the cash generated from main business activity. the Accountable Travel and Moving Advance Regulations Where the above is used partially for personal purposes, the value of the personal benefit must be reported as a taxable benefit. No changes made to the content. A written authorization request must be sent to the Controllers office clearly stating the business reasons for the use of the employees vehicle and the requirement for on-campus parking. Refer to the Reviewer Authorization form to establish the Primary Reviewer within a Unit who is delegated to oversee the Expense Report review process. Refer to the American Express (AMEX) Corporate Card Policy for more information. As per memo from the Provost and Vice-Principal (Academic), purchases of new computers, computer components and computer accessories from research grants (2F and 2M Fund Types), can be reimbursed via an expense report regardless of the dollar value. Receipt(s) and proof of payment is submitted with the comprehensive Expense Report following the trip (in order to account for the advance). These pages contain country-specific information on health risks, safety and security, local laws and customs, entry requirements, and other important travel information. The decision to travel is yours alone. Receipt, detailed receipt, or credit card sales slip is required. Follow us on Twitter, Facebook and Instagram, or subscribe to our dailyTravel Updatesto receive emails on changes made to ourTravel Advice and Advisories. Accounts receivable may not be truly liquid. b. Check the page for your destination often, because safety and security conditions may change. If you are already there, you should think about leaving if it is safe to do so. If the nature of the research is not confidential and the participant fee is paid to a McGill employee/student, the McGill ID must be entered in the "Description" field. determine when a standing travel advance or a trip advance is an appropriate method of paying for the type of travel required; ensure that employees who travel on a frequent and regular basis are aware that they may apply for and use the corporate credit card; encourage the use of the corporate charge card, including cash advances, in lieu of standing travel advances or trip advances where feasible; and. E-tickets and travel management company invoices will normally include the term "Economy" for fare classes equivalent to economy (e.g. The conference prospectus/program (official documentation indicating the conference name, dates and information about the event) must be attached to the Expense Report.
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