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Objective Type Set
Online MCQ Assignment
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SECTION I

In each of the cases/statements given below, one out of four alternatives is correct. Indicate the correct answer (only indicate A or B or C or D as you think correct):
Q1: Rule 6 of the Companies (Cost Accounting Records) Rules 2011 provides that Compliance Report is to be submitted to the Central Government within
A. 180 days from the close of the Company’s financial year [Ans]
B. 120 days from the close of the Company’s financial year
C. 90 days from the close of the Company’s financial year
D. 60 days from the close of the Company’s financial year
Q2: CAS-13 deals with
A. Cost of Service Cost Centre [Ans]
B. Employee Cost
C. Pollution Control Cost
D. Repair and Maintenance Cost

Q3: Profit reconciliation for the Company as a whole is dealt in
A. Para 8 of the annexure to Cost Audit Report under Companies (Cost Audit Report) Rules 2011
B. Para 7 of the annexure to Cost Audit Report under Companies (Cost Audit Report) Rules 2011 [Ans]
C. Para 6 of the annexure to Cost Audit Report under Companies (Cost Audit Report) Rules 2011
D. Para 4 of the annexure to Cost Audit Report under Companies (Cost Audit Report) Rules 2011
Q4: Form A XBRL is used for filing
A. Cost Audit Report of a Company
B. Annual Report of a Company
C. Compliance Report of a Company [Ans]
D. Annual Accounts of a Company
Q5: The main purpose of ‘efficiency Audit’ is to ensure that
A. Every rupee invested gives optimum returns [Ans]
B. Planned expenditure gives optimum returns
C. Various policies of management are implemented
D. Activities of business are beneficial to Society at large
Q6: Para 10 of the annexure to Cost Audit Report under Companies (Cost Audit Report) Rules 2011 deals with
A. Installed Capacity and Actual Production
B. Capital employed
C. Related Party transactions for the Company as a whole [Ans]
D. Reconciliation of Indirect taxes for the Company as a whole
Q7: Cost Audit was initially introduced in the year
A. 1959
B. 1960
C. 1965 [Ans]
D. None of the above
Q8: CAS-5 deals with
A. Equalized Cost of Transportation [Ans]
B. Captive Consumption
C. Cost of Utilities
D. Cost of Service Cost Centre
State whether the following statements based on the quoted terms are ‘TRUE’ or ‘FALSE’, with justifications for your answer. No credit will be given for any answer without justifications:
Q1: XBRL (extensible Business Reporting Language) is a language based on XBL family of languages.
Ans: False
Q2: Cost Audit in India appears to be Synonymous with Efficiency Audit.
Ans: True
Q3: As per CAS-12, fines, penalties, damages and similar levies paid to Statutory Authorities or third parties shall form part of repair and maintenance cost.
Ans: False
Q4: A concurrent auditor of a Company can accept appointment as the Cost Auditor of the same Company.
Ans: False
Q5: The Costing Taxonomy and related Business Rules including sample instance documents can be downloaded from the website of the Institute of Cost Accountants of India (ICAI).
Ans: False
Q6: ‘Performance Appraisal Report’ is a part of Cost Audit Report for filing in XBRL.
Ans: False

SECTION II

State whether the following statements based on the quoted terms are ‘TRUE’ or ‘FALSE’, with justifications for your answer. No credit will be given for any answer without justifications:
Q1: The Consumer Service Audit critically examines the outstanding payment of consumer.
Ans: False
Q2: GATT and its agreement are permanent.
Ans: False
Q3: Sarbanes-Oxley Act of 2002 is a U.K. Federal Law enacted on July 30, 2002.
Ans: False
Q4: Interest Cost should be included in inventory valuation for purposes of Bank Audit.
Ans: False
Q5: Management Audit Report is to be submitted to the Cost Audit Branch of Central Government.
Ans: False
Fill in the blanks in the following sentences by using appropriate word(s)/phrase(s)/ number(s):
Q1: Management Audit requires ________ approach.
Ans: Inter-disciplinary
Q2: Excise-Audit-2000 was initiated from _________ .
Ans: 1st December 1999
Q3: Section 292A of the Companies (Amendment) Act 2000, provides for Constitution of ____________.
Ans: Audit Committees
Q4: India had to remove ________ on imports as per WTO stipulations.
Ans: Quantitative restrictions
Q5:______________ is transfer of goods to an alien market at a price which is less than marginal cost of its production in the home country.
Ans: Dumping
Q6: Central Excise Revenue Audit (CERA) is conducted by the organization of_____. 1×6=6
Ans: Comptroller and Auditor General of India
What do the following abbreviations stand for?
Q1: OECD
Ans: Organisation for Economic Co-operation and Development
Q2: CEGAT
Ans: Central Excise and Gold Control Appellate Tribunal
Q3: RM.
Ans: Trace Policy Review Mechanism