Final PN-17 Cost and Management Audit Quiz 1

1. The CCRA – Rules, 2014 supersedes

2. The Central Govt. released the CCRA – Rules, 2014 in pursuance to the powers vested with it U/s           of the Companies Act, 2013

3. Sugar and Industrial Alcohol’ belong to                                  sector for the purpose of Application of Cost Records.

4. The cost records are to be maintained as specified in:

5. The Cost Auditor appointed has to render the cost audit report to the board of directors of the Company, as per the specified time limit, in Form           .

6. CCRA – Rules, 2014 is applicable from the financial year commencing on or after

7. 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

8. A company, engaged in construction business, is covered under the Companies(Cost Records and Audit) Rules, 2014 but does not include         .

9. For regulated sector cost audit requirement has been made subject to a turnover based threshold

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

11. Machinery used in defense, space and atomic energy sector and fulfilling turnover criteria is under

12. Any casual vacancy in the office of a cost auditor, whether due to resignation, death or removal to be filled by the Board of Directors within       days of occurrence of such vacancy.

13. Which one of the below is not a regulated industry?

14. Which of the following type of Electricity Company is under the purview of regulated sector?

15. The form in which the cost records shall be maintained

16. The Company has to upload CRA-4 electronically to the MCA under the rule          of Companies (Cost Records & Audit) Rules, 2014

17. The applicability of cost audit under Companies (Cost Records & Audit) – Rules, 2014 for regulated industries having overall annual turnover during immediate preceding financial year is       .

18. Which of the following are the objectives for which cost audit is undertaken?

19. Cost Audit               conducted by a Chartered Accountant

20. Cost Audit represents true and fair view of the        of any product.

21. The cost auditor of the company who is in default in compliance with section 148 shall be punishable in the manner as provided in                 .

22. The report on the audit of cost records is submitted by the cost auditor to                 .

23. Govt. of India has issued order with respect to introduction of mandatory Cost Audit of Cost Records maintained by the Companies in the year              .

24. Cost Audit was first introduced for          industry

25. Cost Audit was first introduced in the year              .