What Do You Know About Expense Approval Responsibilities?

Approved & Edited by ProProfs Editorial Team

The editorial team at ProProfs Quizzes consists of a select group of subject experts, trivia writers, and quiz masters who have authored over 10,000 quizzes taken by more than 100 million users. This team includes our in-house seasoned quiz moderators and subject matter experts. Our editorial experts, spread across the world, are rigorously trained using our comprehensive guidelines to ensure that you receive the highest quality quizzes.

Learn about Our Editorial Process

| By FCProcurement

FCProcurement

Community Contributor

Quizzes Created: 1 | Total Attempts: 173

Questions: 6 | Attempts: 173 | Updated: Nov 16, 2023

Questions

Settings

Feedback

During the Quiz End of Quiz

Difficulty

Sequential Easy First Hard First

Play as

Quiz Flashcard

Create your own Quiz

Share on Facebook Share on Twitter Share on Whatsapp Share on Pinterest Share on Email Copy to Clipboard Embed on your website

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 understand procedures you should follow when it comes to expenses.

Questions and Answers

1.

Statement Reports cannot be submitted until the 22nd of every month and must be approved by the end of the month
- A.
  
  True
- B.
  
  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.

Rate this question:
2.

As an approver, your main responsbility(s) is to-
- A.
  
  Check if the purchases are legitimate
- B.
  
  Check for correct allocations and expense entries
- C.
  
  Check if all charges have been reconciled
- D.
  
  All of the above
Correct Answer
D. All of the above

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.

Rate this question:
3.

You can set up a permanent approver who can approve in your absence
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

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

Rate this question:
4.

If needed, your expense delegate can approve an expense report for you
- A.
  
  True
- B.
  
  False
Correct Answer
B. 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.

Rate this question:
5.

If you found something incorrect with a report, the best way to approach this would be-
- A.
  
  Resend the report to the employee
- B.
  
  Approve it and let them know
- C.
  
  Notify the PA
- D.
  
  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.

Rate this question:
6.

A temporary approver is the same as a default approver -
- A.
  
  True
- B.
  
  False
Correct Answer
B. 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.

Rate this question:

Quiz Review Timeline +

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

What Do You Know About Expense Approval Responsibilities?

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

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

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

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

A temporary approver is the same as a default approver -