GFEBS Reimbursable Questions and
Answers | Latest Update | 2024/2025 |
100% Pass
What is the purpose of a reimbursable transaction in financial management?
The purpose of a reimbursable transaction is to document and process the recovery of costs
incurred on behalf of another entity.
H...
What is the purpose of a reimbursable transaction in financial management?
✔✔ The purpose of a reimbursable transaction is to document and process the recovery of costs
incurred on behalf of another entity.
How is a reimbursable agreement initiated?
✔✔ A reimbursable agreement is initiated by creating and approving an agreement outlining the
terms and conditions for cost recovery.
What information is typically included in a reimbursable agreement?
✔✔ A reimbursable agreement typically includes the scope of work, cost estimates, payment
terms, and the responsibilities of each party.
How are reimbursable costs tracked and recorded?
✔✔ Reimbursable costs are tracked and recorded through detailed transaction entries that
include the cost category, amount, and related agreement details.
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, What steps are involved in processing a reimbursable transaction?
✔✔ Steps include verifying the agreement, recording the expense, generating an invoice, and
tracking payment receipt.
How are payments for reimbursable transactions managed?
✔✔ Payments are managed by issuing invoices based on the agreed terms and recording
received payments against the outstanding amounts.
What role does documentation play in reimbursable transactions?
✔✔ Documentation is crucial for supporting the validity of expenses, providing evidence of cost
recovery, and ensuring compliance with agreement terms.
How can discrepancies in reimbursable transactions be resolved?
✔✔ Discrepancies can be resolved by reviewing transaction details, communicating with the
involved parties, and making necessary adjustments or corrections.
What is the importance of timely invoicing in reimbursable transactions?
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