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(i) Which CRA form is used to file the Cost Audit Report of a company with the Central Government?

CRA-4 CRA-3 CRA-1 CRA-2

(ii) What does CAS 23 deal with?

Quality Control Manufacturing Cost Overburden Removal Cost Treatment of Revenue in Cost Statements

(iii) According to Cost Auditing Standard 101, the risk of material misstatements has two components, namely...

Inherent Risk and Control Risk Detection Risk and Audit Risk Material Risk and Implicit Risk Financial Risk and Explicit Risk

(iv) As per Part D, Para 4 of the Companies (Cost Records and Audit) Rules, 2014, how should the Value Addition and Distribution of Earnings be computed?

Audited Financial Data Cost Record Data Unaudited Financial Data Both (a) and (b)

(v) Which of the following refers to the audit of data or information depicting the social performance of a business in contrast to its normal economic performance as measured in financial audits?

Energy Audit Efficiency Audit Social Audit Propriety Audit

(vi) For Good Luck Limited, the following data is available:
Budgeted Production: 900 units, Standard Hours per unit: 10, Actual Production: 720 units, Actual Working: 6000 hours. What is the Efficiency Ratio?

110% 120% 100% 125%

(vii) Which of the following is NOT considered a Professional Misconduct as per the First Schedule of the CWA Act, 1959 in relation to Cost Accountants in Practice?

Pays or allows or agrees to pay or allow, directly or indirectly, any share, commission, or brokerage in the fees or profits of his/her professional work, to any person other than a member of the Institute or a partner or a retired partner or the legal representative of a deceased partner. Enters into a partnership, in or outside India, with any person other than a Cost Accountant in Practice or such other person who is a member of any other professional body having such qualifications as may be prescribed. Advertises his/her professional attainments or services or uses any designation or expression other than Cost Accountant on professional documents, visiting cards, letterheads, or signboards, unless it is a degree of a University established by law in India or recognized by the Central Government or a title indicating membership of The ICAI or any other institution that has been recognized by the Central Government or may be recognized by the Council. Expresses his/her opinion on cost or pricing statements of any business or enterprise in which, he/she, his/her firm, or a partner in his/her firm has substantial interest.

(viii) How is the remuneration of Non-Executive Directors treated?

Employee Costs Administrative Overheads Salaries and Wages Management Expenses

(ix) The process of determining the elements which correspond to the lines and the columns in a financial statement and the elements which must be created by extension is known as:

Mapping Name Concept Scaling

(x) According to CAS 23, the activity of Overburden Removal that benefits the identified component of an ore to be mined by the entity is called:

Mining Activity Overburden Removal Stripping Activity Advance Stripping

June 2018 CMA Paper

The Number of MCQs are limited as per ICMAI Past Paper in Syllabus 2016