Quiz On Autocip Exception Logics-2

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| By KavitaCL
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KavitaCL
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Quizzes Created: 1 | Total Attempts: 116
| Attempts: 116
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  • 1/11 Questions

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

    • Yes
    • No
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About This Quiz

This quiz assesses knowledge on AUTOCIP exception logics, focusing on dividend updates, employee data handling, and specific financial coding for business scenarios.

Quiz On Autocip Exception Logics-2 - Quiz

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  • 2. 

    To which FCC, does MEAV maps in Doplus

    • MNOS

    • METL

    • MPTL

    • All the above

    Correct Answer
    A. METL
    Explanation
    MEAV maps in METL.

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  • 3. 

    Preliminary audit reviews are considered as full audit

    • True

    • False

    Correct Answer
    A. False
    Explanation
    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.

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  • 4. 

    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 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.

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  • 5. 

    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 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.

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  • 6. 

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

    • Negative

    • Neutral

    • All the Above

    Correct Answer
    A. Neutral
    Explanation
    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.

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  • 7. 

    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 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.

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  • 8. 

    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 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.

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  • 9. 

    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 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.

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  • 10. 

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

    • Yes

    • No

    Correct Answer
    A. Yes
    Explanation
    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.

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  • 11. 

    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 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.

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  • Current Version
  • Feb 02, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jun 10, 2015
    Quiz Created by
    KavitaCL
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