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Reconciliation Quiz Copy

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Reconciliation Quiz Copy

Josh June 20, 2024

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Question 1 of 10

1. Question
1.) What does “T + 1” mean in relation to reconciliation?
- The process is performed one day after the transaction date.
- Two sets of records are compared at the same time.
- The reconciliation is completed within one hour.
- The process is automated and takes no time.
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Question 2 of 10

2. Question
2.) What does the “Process” component of SIPOC represent?
- Recipients of outputs.
- Steps that convert inputs to outputs.
- Resources such as materials.
- Product or service created from the process
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Question 3 of 10

3. Question
3.) What is the first step in the reconciliation process?
- Auto or Manual Match
- Identifying exceptions
- Data Validation Confirmation
- Comparing closing and opening balances
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Question 4 of 10

4. Question
4.) What does NAV stand for?
- Net Asset Value
- Nominal Asset Value
- Net Asset Variation
- Nominal Asset Variation
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Question 5 of 10

5. Question
5.) When is Trade Date Recon typically performed?
- Before the trade is executed
- On the settlement date
- As of the date when the trade is executed
- After the settlement date
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Question 6 of 10

6. Question
6.) Why is reconciliation performed for balance sheet accounts?
- To comply with regulations.
- To track changes in account balances.
- To create detailed reports for management.
- To ensure the accuracy and completeness of financial records.
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Question 7 of 10

7. Question
7.) What does the reconciliation process ensure in both Cash and Position Reconciliation?
- Increased external party interactions.
- Ignoring impacts on P&L and Balance sheet.
- Accurate verification and validation of transactions or trades.
- Avoiding compatibility checks.
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Question 8 of 10

8. Question
8.) How often is cash reconciliation typically performed?
- Daily
- Weekly
- Monthly
- As needed
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Question 9 of 10

9. Question
9.) What is KPI in reconciliation?
- Finance and accounting metric key performance indicator.
- Number of errors identified.
- Cost of reconciliation process.
- Employee satisfaction with the process.
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Question 10 of 10

10. Question
10.) What does an agent bank do?
- Acts as an intermediary between an investor and a securities exchange.
- Provides custody services for securities.
- Acts on behalf of another institution in a specific market.
- Validates and finalizes financial transactions.
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