Final PN-17 Cost and Management Audit Quiz 7

1. A company is required to maintain cost records if overall turnover from all products/services is:

2. As per Companies (Cost Records and Audit) Rules, 2014, cost records are required to be maintained by:

3. A cost auditor finds that a company is not following a particular Cost Accounting Standard which materially affects cost disclosure. His reporting responsibility is to:

4. Which among the following is not part of the basic components (nature) of cost audit?

5. Which of these is not typically an advantage of cost audit?

6. Cost Accounting Standards (CAS) are relevant in cost audit because they:

7. Which among the following authority appointed by the Central Government shall exercise jurisdiction, powers, and authority conferred by or under the Prevention of Money Laundering Act, 2002?

8. Director or any other officer who provisionally attaches any property under PMLA Act, 2002, shall, within a period of days from such attachment, file a complaint stating the facts of such attachment before the Adjudicating Authority?

9. As per section 5 of PMLA Act, 2002, the property can be provisionally attached for a period not exceeding    from the date of the order?

10. Which of the following is not prescribed in the provision of the Prevention of Money Laundering Act, 2002?

11. “Punishment for money-laundering” is defined under which Section of PMLA Act 2002?

12. Offence of money laundering is defined in which section of PMLA Act, 2002

13. “Precious metal” as defined by PMLA Act, 2002 does not include?

14. Prevention of Money Laundering Act, 2002 came into force on?

15. Prevention of Money-Laundering Act, 2002 is?

16. “Fraud is a deliberate act of omission or commission by any person, carried out in the course of a banking transaction or the books of accounts maintained manually or under computer system in banks, resulting into wrongful gain to any person for a temporary period or otherwise, with or without any monetary loss to the bank” is a definition given by:

17. The principle of 3D vision includes         .

18. Significant increase in working capital borrowing as a percentage of turnover is a        .

19.             happens when the fraudster avails multiple loans for the same property simultaneously for a total amount over the actual value of the property

20.                 are the elements of fraud.

21. If your actions are the result of misleading, intentional actions or inaction (including misleading statements and the omission of relevant information to gain an advantage, then you have committed:

22. As per the study of ACFE, the following category of individuals commit the highest frauds (in monetary terms)        .

23. When the auditor tests the documents by keeping them side by side then it is known as   .

24. Forensic Accounting is defined as:

25. Financial Administration of Local Bodies includes