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1. According to Section 68 of the Companies Act, 2013, which of the following tests is irrelevant when determining the number of shares to be repurchased?

Share outstanding test Resource test Current ratio test Debt-equity ratio test

2. In the direct method of cash flow, which of the following is included as a cash payment to suppliers?

Cash flow from operating activities Cash flow from investing activities Cash flow from financing activities Cash flow from non-operating activities

3. Trade receivables that are expected to be settled within the normal operating cycle are classified as which of the following?

Current assets Current liabilities Non-current assets Non-current liabilities

4. When an insurance company shares part of the risk with another insurer, this process is known as what?

Under insurance Reinsurance Over insurance Double insurance

5. According to Ind AS 2 regarding Inventories, which of the following should not be included in the cost of conversion?

Direct material Direct labour Indirect material Abnormal waste materials

6. Which standard addresses the requirements for audit documentation?

SA 220 SA 230 SA 520 SA 530

7. Which of the following is not considered a type of internal audit evidence?

Credit Note and Debit Note Sales Invoices Quotations Goods Received Notes

8. Which form is used to notify the Central Government about the appointment of a cost auditor by a company?

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

9. An audit firm can be appointed or reappointed as an auditor for a maximum of how many consecutive years?

One, four Two, four One, five Two, five

10. If the total issue size is 2,00,000 and the underwriter commits for 100% underwriting at a is commission of 4%, what will be the commission payable, if number of applications received 1,40,000. The issue price of shares is ₹ 12 for each ₹ 10 face value shares.

₹28,800 ₹28,000 ₹30,000 ₹30,800

11. Which of the following is not a fundamental component of an audit report as per SA-700 (Revised)?

Auditor’s opinion Basis of opinion Report of Accrual Assumption Key audit matters

12. Which of the following is not part of the rural self-governance system in India?

Gram Panchayat Gram Parishad Panchayat Samiti Zilla Parishad

13. Who is responsible for filling a casual vacancy in the office of a cost auditor?

Board of Directors Shareholders Government Comptroller and Auditor General of India

14. According to the Central Co-operatives Societies Act, what percentage of a co-operative society's profits must be allocated to a Reserve Fund before distributing dividends or bonuses to members?

20% 25% 30% 35%

15. Which of the following is classified as an audit risk?

Financial Risk Operational Risk Control Risk Systematic Risk

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