FCC Quiz Questions! Exam

10 Questions | By Aramudhan | Updated: Mar 21, 2022 | Attempts: 211

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1.

Due to Related Parties is reported in Current liabilities and as per notes, it is interest bearing. The value is to be updated to LOCL FCC – Other Current Liabilities.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
2.

Distributions of earnings from unconsolidated joint ventures and entities reported in Operating Activity section in Cash Flow to be updated to:
- A.
  
  ONCI- Other Non-Cash items
- B.
  
  OEIA- Equity in Net Earnings (Loss)
Correct Answer
A. ONCI- Other Non-Cash items
3.

The Interest Payable reported in Current Liabilities is to be updated to (Note: The Company has debt reported in B/S)
- A.
  
  LCAE – Accrued Expenses
- B.
  
  LSIP – Interest Payable – ST Debt
- C.
  
  LOPB – Other Payables
Correct Answer
B. LSIP – Interest Payable – ST Debt
4.

The Revenues reported in the Income Statement should be available in both RNTS and XTLR.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
5.

Marketable Securities reported in Non-Current Assets in the Balance Sheet is to be updated to ( In the note it is reported as Marketable Securities are convertible to Cash)
- A.
  
  AOLA – other long term Assets
- B.
  
  ALTI – Investments Available for sale
- C.
  
  AMSL – Non Current Marketable Securities.
Correct Answer
C. AMSL – Non Current Marketable Securities.
6.

Payable to affiliates/associates reported as breakup of Accounts Payable should be updated to:
- A.
  
  LOPB
- B.
  
  LAPB
- C.
  
  LOCL
Correct Answer
B. LAPB
7.

Treasury Shares held in trust/ESOP, reported as part of Stock Holders Equity in B/S should be updated to
- A.
  
  QTSC – Treasury Stock Value
- B.
  
  QTST – Treasury Shares in Trust/ESOP
Correct Answer
B. QTST – Treasury Shares in Trust/ESOP
8.

Trade Receivables reported in Non Current Asset in B/S, should be updated to ALNN - Non-current loans/Notes Receivables, net
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
9.

Write off of Fixed Assets reported in Operating Activities in Cash Flow is to be updated to
- A.
  
  ONCI – non cash item
- B.
  
  OUIE – Other Unusual items included with in other Non Cash
- C.
  
  OAWD – Impairment of PPE & Intangible Fixed Assets
Correct Answer
C. OAWD – Impairment of PPE & Intangible Fixed Assets
10.

Travelling Expenses is reported in Income Statement. There is no notes whether it relates to advertising or marketing. It should be updated to
- A.
  
  EOOE
- B.
  
  ESGA
- C.
  
  ESGO
- D.
  
  None of the above
Correct Answer
C. ESGO

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Current Version
Mar 21, 2022

Quiz Edited by
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Jul 22, 2015

Quiz Created by
Aramudhan

FCC Quiz Questions! Exam

Due to Related Parties is reported in Current liabilities and as per notes, it is interest bearing. The value is to be updated to LOCL FCC – Other Current Liabilities.

Distributions of earnings from unconsolidated joint ventures and entities reported in Operating Activity section in Cash Flow to be updated to:

The Interest Payable reported in Current Liabilities is to be updated to (Note: The Company has debt reported in B/S)

The Revenues reported in the Income Statement should be available in both RNTS and XTLR.

Marketable Securities reported in Non-Current Assets in the Balance Sheet is to be updated to ( In the note it is reported as Marketable Securities are convertible to Cash)

Payable to affiliates/associates reported as breakup of Accounts Payable should be updated to:

Treasury Shares held in trust/ESOP, reported as part of Stock Holders Equity in B/S should be updated to

Trade Receivables reported in Non Current Asset in B/S, should be updated to ALNN - Non-current loans/Notes Receivables, net

Write off of Fixed Assets reported in Operating Activities in Cash Flow is to be updated to

Travelling Expenses is reported in Income Statement. There is no notes whether it relates to advertising or marketing. It should be updated to