Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Cost and Management Audit Total Number of Question: 40 Time: 41 Minutes Please check your email after completion of test for result. All the best... Name Phone No Email Area Pin Code 1. Cost audit is conducted under which section of the Companies Act, 2013? Section 138 Section 148 Section 139 Section 141 None 2. Who appoints the Cost Auditor? Board of Directors Shareholders Government of India CEO None 3. Which of the following is NOT an objective of Cost Audit? Ensuring accuracy of cost records Detecting financial frauds Improving cost efficiency Ensuring compliance with cost accounting standards None 4. Which companies are required to maintain cost records as per the Companies Act, 2013? All listed companies Companies engaged in manufacturing or providing specified services All private companies Companies with a turnover above ₹500 crore None 5. Cost Audit ensures that the company’s costs are: High and stable Uncontrolled Systematically recorded and controlled Inflated to increase profit margins None 6. How many Cost Accounting Standards (CAS) have been issued by ICMAI? 10 15 24 30 None 7. CAS-6 deals with: Overheads Depreciation Employee cost Material cost None 8. Under CAS-9, selling and distribution overheads are classified based on: Fixed and Variable Costs Capital and Revenue Expenditure Direct and Indirect Expenses None of the above None 9. As per CAS-4, the valuation of cost of production for captive consumption should be done at: Market Price Historical Cost Cost of Production including overheads Replacement Cost None 10. Which CAS deals with Material Cost? CAS-2 CAS-4 CAS-6 CAS-10 None 11. Form CRA-1 is related to: Cost Audit Report Cost Records Appointment of Cost Auditor Exemption from Cost Audit None 12. Which form is used to submit a cost audit report to the Central Government? CRA-1 CRA-2 CRA-3 CRA-4 None 13. Who is responsible for maintaining cost records in a company? Statutory Auditor Cost Auditor CFO Board of Directors None 14. Cost Audit Report should be submitted within how many days from the end of the financial year? 90 days 120 days 180 days 60 days None 15. Which of the following is NOT a component of a cost audit report? Cost Statement Profit & Loss Account Cost Auditor’s Observations Reconciliation Statement None 16. Which is a primary objective of Management Audit? Verify financial transactions Evaluate efficiency and effectiveness of management Detect tax evasion Ensure compliance with corporate laws None 17. Management Audit is mostly conducted by: Internal Auditors External Auditors Government Agencies Cost Accountants None 18. Which of the following is NOT a scope of Management Audit? Decision-making process Internal control systems Financial statement fraud detection Organizational efficiency None 19. The main focus of Management Audit is on: Compliance Profitability Operational efficiency Financial irregularities None 20. Which technique is commonly used in Management Audit? Ratio Analysis Forensic Accounting Compliance Testing SWOT Analysis None 21. Corporate Governance is mainly concerned with: Business Ethics and Accountability Increasing profits only Reducing employees' salaries Avoiding taxation None 22. Internal control is a part of: Cost Audit Management Audit Financial Audit Internal Audit None 23. Which Act governs the appointment of Cost Auditors in India? Income Tax Act Companies Act, 2013 GST Act SEBI Act None 24. Which of the following is NOT a benefit of cost audit? Improves cost control Reduces financial fraud Enhances operational efficiency Guarantees increased profit None 25. Which of the following bodies regulates Cost Auditing Standards in India? SEBI ICAI ICMAI RBI None 26. Cost audit is conducted under which section of the Companies Act, 2013? Section 138 Section 148 Section 139 Section 141 None 27. Who appoints the Cost Auditor? Board of Directors Shareholders Government of India CEO None 28. Which of the following is NOT an objective of Cost Audit? Ensuring accuracy of cost records Detecting financial frauds Improving cost efficiency Ensuring compliance with cost accounting standards None 29. Which companies are required to maintain cost records as per the Companies Act, 2013? All listed companies Companies engaged in manufacturing or providing specified services All private companies Companies with a turnover above ₹500 crore None 30. Cost Audit ensures that the company’s costs are: High and stable Uncontrolled Systematically recorded and controlled Inflated to increase profit margins None 31. How many Cost Accounting Standards (CAS) have been issued by ICMAI? 10 15 24 30 None 32. CAS-6 deals with: Overheads Depreciation Employee cost Material cost None 33. Under CAS-9, selling and distribution overheads are classified based on: Fixed and Variable Costs Capital and Revenue Expenditure Direct and Indirect Expenses None of the above None 34. As per CAS-4, the valuation of cost of production for captive consumption should be done at: Market Price Historical Cost Cost of Production including overheads Replacement Cost None 35. Form CRA-1 is related to: Cost Audit Report Cost Records Appointment of Cost Auditor Exemption from Cost Audit None 36. Which form is used to submit a cost audit report to the Central Government? CRA-1 CRA-2 CRA-3 CRA-4 None 37. Who is responsible for maintaining cost records in a company? Statutory Auditor Cost Auditor CFO Board of Directors None 38. Cost Audit Report should be submitted within how many days from the end of the financial year? 90 days 120 days 180 days 60 days None 39. Which of the following is NOT a component of a cost audit report? Cost Statement Profit & Loss Account Cost Auditor’s Observations Reconciliation Statement None 40. Which is a primary objective of Management Audit? Verify financial transactions Evaluate efficiency and effectiveness of management Detect tax evasion Ensure compliance with corporate laws None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. Look out for results and future opportunities. Stay Connected !! Your quiz time is about to finish. Few seconds left. Time's upYou cannot switch tabs while taking this quiz!You are not allowed to switch tabs violation has been recorded.you cannot minimize full screen mode!You are not allowed to minimize full screen while taking this quiz, violation has been recorded.Access denied! To begin the quiz, please grant this quiz access to your camera.Time is Up!Time is Up!
