FCC Quiz Questions! Exam

10 Questions | Total Attempts: 209

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FCC Exam Quizzes & Trivia

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Questions and Answers
  • 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

  • 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)

  • 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

  • 4. 
    The Revenues reported in the Income Statement should be available in both RNTS and XTLR.
    • A. 

      True

    • B. 

      False

  • 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.

  • 6. 
    Payable to affiliates/associates reported as breakup of Accounts Payable should be updated to:
    • A. 

      LOPB

    • B. 

      LAPB

    • C. 

      LOCL

  • 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

  • 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

  • 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

  • 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