Final PN-17 Cost and Management Audit Quiz 3

1. Requirements of CAS – 104, the cost auditor shall                 .

2. CAS 104 enables the cost auditor              .

3. The procedures followed by the cost auditor to reduce the audit risk to an acceptable level will not detect a misstatement that exists and that could be material is           .

4. Cost Accounting Standard 21 is a Cost Accounting Standard on                 .

5. Cost Accounting Standard 18 is a Cost Accounting Standard on                 .

6. CAS                          ensures the achievement of audit objectives with available resources and securing coordination with the auditee on audit work.

7. Overall Objectives of the independent Cost Auditor and conduct of an Audit in accordance with Cost Auditing Standard is dealt in                 .

8. The objective of CAS – 101 is to              .

9. As per the Cost Auditing Standard 101, the risk of Material Misstatements has two components, viz.,                .

10. As per the Central Excise Valuation Rules 2000, the assessable value of goods used for captive consumption is      .

11. Cost Auditing Standard 102 deals with    .

12. Cost auditing standards preface to the standards on auditing, quality control review and related services rendered by the cost accountant has been issued by                 .

13. Cost auditing standard deals with             .

14. Variances due to abnormal reasons---------- form part of cost as per GACAP.

15. As per Part D, Para 4 of the Companies (Cost Records and Audit) Rules, 2014, Value Addition and Distribution of Earnings are to be computed based on

16. Royalty paid on production ₹35,000, Job Charges ₹20,000, Special Design Charges ₹ 20,000, Software Development Charges related to Production ₹27,000, and Travelling abroad for Training ₹25,000 The Direct Expenses as per CAS 10 is ₹             .

17. The Cost Accounting Standard 15 is a Cost Accounting Standard on          .

18. Under the Generally Accepted Cost Accounting Principles, the cost of cane supplied from own farm to the sugar mill is treated as                 .

19. Cost Accounting Standard 8 is a Cost Accounting Standard on                 .

20. CAS 5 deals with     

21. As per CAS 2 Actual Capacity utilization shall be presented as a percentage of           capacity.

22. CAS-20 deals with  

23. The Institute of Cost and Works Accountants of India (ICWAI) was renamed as “The Institute of Cost Accountants of India” in the year    .

24. CAS 9 deals with

25. Which of the following is not part of the Employee Cost as per CAS-7?