Quiz On Autocip Exception Logics

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| By NayanaLingamurth
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NayanaLingamurth
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Quizzes Created: 1 | Total Attempts: 496
| Attempts: 496
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  • 1/11 Questions

    Preliminary audit reviews are considered as full audit

    • True
    • False
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About This Quiz

This quiz on AUTOCIP Exception Logics assesses knowledge on handling unusual items in financial statements, including legacy system mappings and expense classifications. It's designed for professionals seeking to enhance their expertise in financial reporting standards.

Quiz On Autocip Exception Logics - Quiz

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  • 2. 

    Some companies do not report the income statement. In TRF Do we collect whatever statements are reported

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The given statement states that "Some companies do not report the income statement." This implies that there are companies that choose not to disclose their income statement. The question then asks if in TRF (presumably a company or organization), they collect the statements that are reported. Since the statement is true, it suggests that in TRF, they collect whatever income statements are reported by the companies, regardless of whether some companies choose not to report it. Therefore, the answer is true.

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  • 3. 

    Complete the AUTOCIP exception:Suspect Gross dividend value captured xxx does not correspond to calculated Gross dividend where________________________

    • DPS*Weighted average shares Value XXX

    • Gross Dividend/DPS Value XXX

    • DPS*No of shares outstanding Value XXX

    • None of above

    Correct Answer
    A. DPS*No of shares outstanding Value XXX
    Explanation
    The correct answer is "DPS*No of shares outstanding Value XXX". This means that the suspect gross dividend value captured does not correspond to the calculated gross dividend when it is multiplied by the number of shares outstanding. This suggests that there may be an error in the calculation or recording of the dividend payment.

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  • 4. 

    To which FCC, does MEAV maps in Doplus

    • METL

    • MPTL

    • MNOS

    • All the above

    Correct Answer
    A. METL
    Explanation
    MEAV maps in METL. The question is asking which FCC (Functional Component Code) MEAV maps in, and the correct answer is METL. This means that MEAV is associated with METL and is part of its mapping. However, without further context or information about what MEAV, METL, and FCC represent, it is difficult to provide a more specific explanation.

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  • 5. 

    Dividend per share is reported and updated With Value while Gross Dividend should be either updated with

    • Value

    • Value or NA-If not reported

    • Zero

    • All the above

    Correct Answer
    A. Value or NA-If not reported
    Explanation
    The explanation for the correct answer is that dividend per share is reported and updated with a specific value, while gross dividend can be updated with either a value or NA (if it is not reported). This means that if the gross dividend is not reported, it can be updated as NA, indicating that the information is not available. Therefore, the correct answer is "Value or NA-If not reported."

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  • 6. 

    What is the in- built polarity for unusual item in Business segment

    • Positive

    • Negative

    • Neutral

    • All above

    Correct Answer
    A. Neutral
    Explanation
    The in-built polarity for unusual items in the Business segment is neutral. This means that these items are neither positive nor negative, but rather they do not have a significant impact on the overall evaluation or perception of the business. Unusual items may refer to unique or unexpected occurrences that are not part of the regular operations or financial performance of the business. These items are typically considered to be one-time events or non-recurring factors that do not reflect the ongoing nature of the business.

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  • 7. 

    Which of the below unusual items will flow to ‘Non-operating section’ for Doplus legacy.

    • Loss on Early extinguishment Debt

    • Tax Impact on Unusual item

    • Gain/Loss of fixed Asset

    • Other Non-recurring item

    Correct Answer
    A. Gain/Loss of fixed Asset
    Explanation
    The gain/loss on fixed assets is considered an unusual item that would flow to the non-operating section for Doplus legacy. This is because it is not part of the company's regular operations and is not expected to occur on a regular basis. The gain/loss on fixed assets is typically related to the sale or disposal of assets, and it represents a gain or loss on the difference between the asset's book value and the amount received from the sale.

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  • 8. 

    Should the Employees get carry forwarded to RES during Doplus BC Mapping in all the cases (Including Discontinued Reported)

    • Yes

    • No

    Correct Answer
    A. Yes
    Explanation
    The employees should be carried forward to RES during Doplus BC Mapping in all cases, including discontinued reported cases. This means that even if an employee is no longer working or has been discontinued, their information should still be transferred to the RES system. This ensures that all employee data is accurately recorded and maintained, regardless of their current employment status.

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  • 9. 

    Incurred Litigation expenses on the process of Restructuring the Organization, what will be the code we need to select for this nature of item?

    • EGLO – Other non-recurring expenses

    • ELIT – Litigation Expenses

    • ERES – Restructuring Expenses

    • EAQA – Acquisition Expenses

    Correct Answer
    A. ERES – Restructuring Expenses
    Explanation
    The correct code to select for the incurred litigation expenses on the process of restructuring the organization is ERES - Restructuring Expenses. This code is the most appropriate as it specifically relates to expenses incurred during the restructuring process. The other options, EGLO - Other non-recurring expenses, ELIT - Litigation Expenses, and EAQA - Acquisition Expenses, do not accurately capture the nature of the item in question.

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  • 10. 

    The Script for the logic Auditor Date < Annual INC compares

    • Auditor as of date on the main Doplus page with the date of latest Income Statement available in database

    • Auditor as of date on the main Doplus page with the date of last audited Income Statement available in database

    • Auditor as of date on the header with the date of latest last audited Income Statement available in database

    Correct Answer
    A. Auditor as of date on the main Doplus page with the date of last audited Income Statement available in database
    Explanation
    The correct answer is Auditor as of date on the main Doplus page with the date of last audited Income Statement available in the database. This is because the logic auditor is comparing the date of the auditor as of date on the main Doplus page with the date of the last audited Income Statement available in the database. This ensures that the auditor is checking the most recent audited financial information to ensure accuracy and compliance.

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  • 11. 

    Do we update Estimated /Approximate number of full time employees if precise number is not reported

    • Yes

    • No

    Correct Answer
    A. Yes
    Explanation
    Yes, we update the estimated/approximate number of full-time employees if the precise number is not reported. This is because having an accurate estimate of the number of employees is important for various purposes such as workforce planning, budgeting, and analyzing organizational performance. While it may not be as precise as the actual reported number, an estimated or approximate figure can still provide valuable insights and help in making informed decisions.

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 21, 2015
    Quiz Created by
    NayanaLingamurth
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