Finance- Part 4

Question 1

Main points of the FP 24/Code of Ethics-

Definition, Description:

Answer 1

The Schlumberger Code of Ethics is a broad outline, designed to guide your moral decision-making and help you handle business situations professionally and fairly. It supports a whole range of company policies, standards, guidelines, business processes and procedures that set out our obligations and responsibilities to behave ethically in every aspect of our business life.

FP24 is a statement that you will comply with all SLB ethical standards.

Question 2

Main points of the FP 24/Code of Ethics-

Application

Answer 2

• Living our values, our actions, our relationships with each other, and our relationships within the community
• Recognizing and avoiding conflicts of interest
• Our commitment to Quality, Health, and Safety and protecting the Environment
• Our accounting and financial reporting obligations
• Maintaining confidentiality and security of information
• Software copyright and licensing
• Competing fairly and ethically
• Stock transactions
• Improper payments
• Respecting trade controls
• Maintaining business records

Question 3

FP 24 real life situations

Answer 3

Payment of political parties to gain work

Taking clients out for entertainment, resulting in greater than $200

Question 4

Ethics Hotline

Answer 4

The EthicsLine provides an alternative channel to support and complement existing internal reporting mechanisms (through Line Management, Personnel, Legal, etc.).

Employees are encouraged to continue to raise concerns through their line and functional managers.

Question 5

Who is required to review & sign?
FP 24/Code of Ethics-

Answer 5

Everyone

Question 6

What is the OFM? Where can you find it?

Answer 6

Oilfield financial manual, we can find it at HUB, Financial department.

Question 7

Revenue Cycle

Answer 7

The revenue cycle process is covering all aspects starting from the customer bid to customer collection (opportunities, contracts, price lists, orders, billing, and receivables).

Question 8

SAB 101

Answer 8

• Staff Accounting Bulletin 101 was issued by the SEC on December 3, 1999 further explaining the GAAP requirements outlined by FASB (Financial Accounting Standards Board).
• Revenue should not be “recognized” until it is realized or realizable and earned. In order for revenue to be “recognized”, 4 criteria need to be met.

Question 9

Revenue recognition criteria (4)

Answer 9

1. Persuasive Evidence of Arrangement Contract
2. Price is Fixed or Determinable Bid
3. Delivery has Occurred Signed Ticket
4. Collectability Reasonably Assured Payment

Question 10

Revenue Process in CRM/OFS-I

Answer 10

1. Sales initiation
2. Product & Service Delivery
3. Process Sales order Completion
4. Billing & Revenue
5. Collection & Receivables

Question 11

Approved client

Answer 11

Well known in the industry with good credit history

Question 12

Conditional Client

Answer 12

Clients that are new, and not much history on their credit limit, usually require payment upfront.

Question 13

Banned client

Answer 13

Do not do business to this type of clients, poor credit limit, failed to pay, and filed for bankruptcy.