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1. Cost Audit was first introduced for ______industry.

A Cement B Iron and Steel C Jute D Sugar

2. Which of the following type of Electricity Company is under the purview of regulated Sector?

A Engaged in Generation B Engaged in Transmission C Engaged in Distribution and Supply D All of the above

3. Every Cost Auditor, who conducts an audit of the cost records of a company, shall submit the cost audit report in Form:

A CRA-1 B CRA-2 C CRA-3 D CRA-4

4. The appointment of Cost Auditor is defined under section of the Companies Act, 2013.

A 148 [2] B 148 [3] C 144 [3] D 139

5. As per Rule 6 of the Companies (Cost Records and Audit Rules), 2014, the casual vacancy caused due to death of Cost Auditor to be filled within _____ days.

A 30 B 60 C 90 D 180

6. Cost Accounting Standard 17 deals with:

A Selling and Distribution Overheads B Depreciation and Amortisation C Interest and Finance Charges D Research and Development Cost

7. The difference between the time for which employees are paid/payable to employees and the employees’ time booked against cost objects is:

A Normal labour hours B Working time C Idle time D Unpaid time

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

A Leave with pay B Medical benefits to the employees and dependents C Compensation for lay-off period D Cost of Employees’ Stock Option

9. Which of the following statements is true about Management Audit?

A The management audit is made compulsory and statutory. B Management audit is a programme of one year. C Management audit cannot be conducted by an independent person. D No time limit can be fixed for submission of the report under management audit.

10. The backbone of any organisation is:

A Information B Employee C Management D Capital

11. Which one of the following KPI is used to measure the productivity and efficiency of labour?

A Production per machine hour B Contribution per unit of material C Production per man-hour D Growth in machine capacity utilization

12. The consumer service audit critically examines:

A Outstanding payment of consumers B Price consumers are ready to pay for particular product service C Appraise management of business enterprise of responsibility towards consumers D Demand of a product by consumers

13. Field Balance Sheet approach to Audit can be applied in case of audit of:

A Societies registered as Club. B Self-Help Group for collective earning. C Local Body registered as Corporate. D Cooperative Societies registered under specific law in force.

14. Which of the following is not likely to be a fraud risk factor relating to management characteristics?

A Tax evasion B Failure to correct known weakness in internal control system C Adoption of conservative accounting principles D High management turnover

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

A Seizure of Property B Attachment of Property C Confiscation of Property D Life Imprisonment

Dec 23 CMA Paper