FCC Trivia Exam: MCQ Quiz!

10 Questions | By Aramu | Updated: Mar 21, 2022 | Attempts: 368

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1.

Repairs and Maintenance expenses reported as part of Selling, General and Administrative expense should be updated to ESGA FCC
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
2.

Capital Reserve reported as part Stock Holders Equity in Balance Sheet is to be updated to:
- A.
  
  QPIC
- B.
  
  QOTE
- C.
  
  QRED
Correct Answer
C. QRED
3.

Company is a Dec year-end and in Q3 (Sep) document there is a forward split on 17^th October and all the Shares and EPS is adjusted. The Capital Adjustment Date to be updated is the same as Statement Instance Date 30/09/2015.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
4.

Reported “Change in other receivables and Prepaid expenses” as part of Working Capital in Operating Activities in Cash Flow is to be updated to:
- A.
  
  OOCF
- B.
  
  OOAS
- C.
  
  OACR
Correct Answer
C. OACR
5.

Vacation Pay reported in Current liabilities in Balance Sheet is to be updated to:
- A.
  
  LOCL
- B.
  
  LCAP
- C.
  
  LCAE
Correct Answer
B. LCAP
6.

"Unrealized loss on cash flow hedge" reported in Stock Holders Equity in Balance Sheet as a component of Comprehensive Income is to be updated to:
- A.
  
  QHGC
- B.
  
  QUGL
- C.
  
  QOTE
Correct Answer
A. QHGC
7.

“Advance Payment & Prepaid expenses “ reported in Current Assets as a Single line item is to be updated to:
- A.
  
  APYO
- B.
  
  APPY
- C.
  
  AORC
Correct Answer
B. APPY
8.

“Surplus on revaluation of Property, Plant and Equipment net of tax” reported as part of Stock Holders Equity in Balance Sheet is to be updated to:
- A.
  
  QVLR
- B.
  
  QUGL
- C.
  
  QOTE
Correct Answer
A. QVLR
9.

As per the latest TRF Policy, only if values for specified FCC’s changes then the Reclassification needs to be done.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
10.

Accrued income reported in Current Assets in Balance Sheet is to be updated to:
- A.
  
  AORC
- B.
  
  AAIC
- C.
  
  APPY
Correct Answer
B. AAIC

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Current Version
Mar 21, 2022

Quiz Edited by
ProProfs Editorial Team
Nov 17, 2015

Quiz Created by
Aramu

FCC Trivia Exam: MCQ Quiz!

Repairs and Maintenance expenses reported as part of Selling, General and Administrative expense should be updated to ESGA FCC

Capital Reserve reported as part Stock Holders Equity in Balance Sheet is to be updated to:

Company is a Dec year-end and in Q3 (Sep) document there is a forward split on 17th October and all the Shares and EPS is adjusted. The Capital Adjustment Date to be updated is the same as Statement Instance Date 30/09/2015.

Reported “Change in other receivables and Prepaid expenses” as part of Working Capital in Operating Activities in Cash Flow is to be updated to:

Vacation Pay reported in Current liabilities in Balance Sheet is to be updated to:

"Unrealized loss on cash flow hedge" reported in Stock Holders Equity in Balance Sheet as a component of Comprehensive Income is to be updated to:

“Advance Payment & Prepaid expenses “ reported in Current Assets as a Single line item is to be updated to:

“Surplus on revaluation of Property, Plant and Equipment net of tax” reported as part of Stock Holders Equity in Balance Sheet is to be updated to:

As per the latest TRF Policy, only if values for specified FCC’s changes then the Reclassification needs to be done.

Accrued income reported in Current Assets in Balance Sheet is to be updated to:

Company is a Dec year-end and in Q3 (Sep) document there is a forward split on 17^th October and all the Shares and EPS is adjusted. The Capital Adjustment Date to be updated is the same as Statement Instance Date 30/09/2015.