Quiz On Autocip Exception Logics-2
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Questions and Answers
- 1.
Complete the AUTOCIP exception:Suspect Gross dividend value captured xxx does not correspond to calculated Gross dividend where________________________
- A.
DPS*Weighted average shares Value XXX
- B.
Gross Dividend/DPS Value XXX
- C.
DPS*No of shares outstanding Value XXX
- D.
None of above
Correct Answer
C. DPS*No of shares outstanding Value XXXExplanation
The given answer suggests that the suspect gross dividend value captured does not correspond to the calculated gross dividend when multiplied by the number of shares outstanding. This implies that there may be an inconsistency between the dividend per share (DPS) and the number of shares outstanding, leading to an incorrect gross dividend value. The other options provided do not address this specific issue.Rate this question:
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- 2.
Dividend per share is reported and updated With Value while Gross Dividend should be either updated with
- A.
Value
- B.
Value or NA-If not reported
- C.
Zero
- D.
All the above
Correct Answer
B. Value or NA-If not reportedExplanation
The correct answer is "Value or NA-If not reported". This means that the Gross Dividend can be updated with a specific value if it is reported, or with "NA" if it is not reported. It can also be updated with zero if necessary.Rate this question:
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- 3.
Do we update Estimated /Approximate number of full time employees "If precise number" is not reported
- A.
Yes
- B.
No
Correct Answer
A. YesExplanation
If the precise number of full-time employees is not reported, we still update the estimated or approximate number. This is because even though the exact number is not provided, an estimation can still be made based on available information. It is important to keep the data as accurate as possible, even if it is not precise.Rate this question:
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- 4.
Incurred Litigation expenses on the process of Restructuring the Organization, what will be the code we need to select for this nature of item?
- A.
EGLO – Other non-recurring expenses
- B.
ELIT – Litigation Expenses
- C.
ERES – Restructuring Expenses
- D.
EAQA – Acquisition Expenses
Correct Answer
C. ERES – Restructuring ExpensesExplanation
The correct answer is ERES - Restructuring Expenses. This is because the question specifically mentions that the litigation expenses were incurred during the process of restructuring the organization. Therefore, it is appropriate to select the code for restructuring expenses.Rate this question:
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- 5.
Preliminary audit reviews are considered as full audit
- A.
True
- B.
False
Correct Answer
B. FalseExplanation
Preliminary audit reviews are not considered as full audits. Preliminary audit reviews are typically performed at the beginning of an audit process to assess the initial information and identify potential risks or areas that require further examination. These reviews are not comprehensive and do not provide a complete evaluation of an organization's financial statements or internal controls. Therefore, the statement that preliminary audit reviews are considered as full audits is false.Rate this question:
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- 6.
Should the Employees get carry forwarded to RES during Doplus BC Mapping in all the cases (Including Discontinued Reported)
- A.
Yes
- B.
No
Correct Answer
A. YesExplanation
The answer is "Yes" because during Doplus BC Mapping, all the employees, including those who have been discontinued or reported, should be carried forward to RES. This ensures that all employee data is properly mapped and transferred to the RES system for further processing and analysis.Rate this question:
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- 7.
Some companies do not report the income statement. In TRF Do we collect whatever statements are reported
- A.
Yes
- B.
No
Correct Answer
A. YesExplanation
The given answer is "Yes" because it states that in TRF (presumably a company or organization), they collect whatever statements are reported. This means that even if some companies do not report their income statement, TRF still collects and includes those statements in their records.Rate this question:
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- 8.
The Script for the logic Auditor Date < Annual INC compares
- A.
Auditor as of date on the main Doplus page with the date of latest Income Statement available in database
- B.
Auditor as of date on the main Doplus page with the date of last audited Income Statement available in database
- C.
Auditor as of date on the header with the date of latest last audited Income Statement available in database
Correct Answer
B. Auditor as of date on the main Doplus page with the date of last audited Income Statement available in databaseExplanation
The correct answer is the comparison 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 is because the auditor's date on the main Doplus page should be compared with the date of the most recent audited Income Statement to ensure accuracy and consistency in the financial reporting process. By comparing these two dates, any discrepancies or inconsistencies can be identified and addressed.Rate this question:
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- 9.
To which FCC, does MEAV maps in Doplus
- A.
MNOS
- B.
METL
- C.
MPTL
- D.
All the above
Correct Answer
B. METLExplanation
MEAV maps in METL.Rate this question:
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- 10.
What is the in- built polarity for unusual item in Business segment
- A.
Negative
- B.
Neutral
- C.
All the Above
Correct Answer
B. NeutralExplanation
The question is asking about the in-built polarity for unusual items in the Business segment. Unusual items are typically considered to be one-time or non-recurring expenses or revenues that are not expected to continue in the future. These items are often seen as neutral because they do not reflect the ongoing operations or performance of the business. Therefore, the correct answer is Neutral.Rate this question:
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- 11.
Which of the below unusual items will flow to ‘Non-operating section’ for Doplus legacy.
- A.
Loss on Early extinguishment Debt
- B.
Tax Impact on Unusual item
- C.
Gain/Loss of fixed Asset
- D.
Other Non-recurring item
Correct Answer
C. Gain/Loss of fixed AssetExplanation
The gain/loss of fixed assets refers to any profits or losses incurred from the sale or disposal of fixed assets, such as property, plant, and equipment. These gains or losses are considered non-operating items because they are not directly related to the company's core operations. Instead, they are the result of strategic decisions or changes in the company's asset base. Therefore, they would be included in the non-operating section of the financial statements.Rate this question:
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Current Version
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Feb 02, 2024Quiz Edited by
ProProfs Editorial Team -
Jun 10, 2015Quiz Created by
KavitaCL
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