Final PN-17 Cost and Management Audit Quiz 8

1. What is the role of working papers in a cost audit programme?

2. What would most likely modify a pre-approved cost audit programme?

3. Which of the following is least likely to be part of a cost audit programme?

4. CAS 10 deals with direct expenses. Which of the following expenses can be classified as direct expenses?

5. As per CAS 12 (Employee Cost), which of the following costs should be excluded from employee cost?

6. Under CAS 13 (Cost of Utilities), if the factory power cost is ₹1,00,000 and 20% is consumed by non-production departments, the cost to be allocated to production is:

7. A factory pays basic ₹8,00,000, DA ₹2,00,000, bonus ₹80,000, and PF ₹96,000. What is total employee cost as per CAS-7?

8. Subsidized meals: ₹30 charged to employee, actual cost ₹80. 100 employees, 25 days. What cost is added to employee cost?

9. A company imports 500 kg at $20/kg. Exchange rate = ₹75. Customs duty = 10%. Freight = ₹5,000. What is total landed cost?

10. A product requires 10 kg of raw material costing ₹50 per kg, but due to wastage, 12 kg is used. As per CAS 4, the cost of raw material to be charged to the product is:

11. A cost auditor is not permitted to:

12. Can a statutory auditor of the company also be appointed as cost auditor?

13. Which professional body regulates the conduct and ethics of Cost Auditors in India?

14. Cost auditor is required to maintain working papers and audit documentation for a minimum of:

15. A cost auditor must submit his report to:

16. Which of the following is not a disqualification for appointment as a cost auditor under Section 141(3)?

17. Which authority prescribes the product classifications under cost audit applicability?

18. In case of a new company, cost auditor must be appointed within:

19. What is the penalty for default in compliance with maintenance of cost records?

20. Who is responsible for maintaining cost records as per the Rules?

21. Which of the following types of companies are exempt from cost audit requirements?

22. The due date for filing the cost audit report in CRA-4 is within:

23. As per the Rules, which form must be filed with the Board for appointment of cost auditor?

24. Which of the following is a regulated sector under the Rules?

25. Cost audit is applicable if overall turnover from regulated sectors is ≥ ₹50 crore and overall turnover from all products/services is: