Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Corporate Financial Reporting 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 State 1. Which of the following is NOT a primary objective of financial reporting? Provide information for investment and credit decisions Assess cash flow prospects Ensure tax compliance Provide information about entity’s financial position None 2. According to the conceptual framework, financial statements should primarily provide information that is: Complex and detailed Understandable, relevant, reliable, and comparable Only relevant for tax authorities Focused solely on profitability None 3. Ind AS 115 deals with: Revenue from Contracts with Customers Leases Financial Instruments Employee Benefits None 4. Under Ind AS 116, which of the following is a key feature of lease accounting? Lessees recognize lease assets and liabilities on the balance sheet Leases are treated as operating expenses only Lease payments are expensed immediately Lessors do not recognize lease income None 5. Which of the following entities is required to prepare Consolidated Financial Statements (CFS) under Ind AS? Standalone entities without subsidiaries A parent entity with subsidiaries Entities operating in multiple locations All listed companies None 6. Non-controlling interest (NCI) in a subsidiary is presented in the: Statement of Changes in Equity Separate financial statements of the parent Equity section of the Consolidated Balance Sheet Notes to accounts only None 7. Under Ind AS 103, goodwill in a business combination is calculated as: Total consideration transferred minus net assets acquired Net assets acquired plus liabilities assumed The book value of assets acquired Total assets acquired minus consideration paid None 8. A scheme of demerger is governed under which section of the Companies Act, 2013? Section 230 Section 233 Section 234 Section 232 None 9. Ind AS 109 deals with: Accounting for Share-based Payments Financial Instruments Consolidated Financial Statements Provisions and Contingencies None 10. Under fair value accounting for financial instruments, changes in fair value are recognized in: Other Comprehensive Income (OCI) or Profit & Loss (P&L), depending on classification Statement of Changes in Equity only Cash Flow Statement Notes to accounts only None 11. The primary qualitative characteristics of financial statements include: Relevance and Faithful Representation Comparability and Understandability Timeliness and Verifiability All of the above None 12. The accrual basis of accounting requires revenues and expenses to be recorded when: Cash is received or paid Transactions occur, regardless of cash flow The financial year ends The government mandates it None 13. Which of the following statements is true? Financial statements are prepared for internal use only Financial reporting provides information to stakeholders for decision-making The sole purpose of financial reporting is tax compliance Financial statements are prepared once every two years None 14. Ind AS 1 deals with: Presentation of Financial Statements Accounting for Leases Revenue Recognition Share-based Payments None 15. Which of the following is NOT a component of financial statements under Ind AS 1? Balance Sheet Statement of Profit & Loss GST Returns Notes to Accounts None 16. Under Ind AS 16, depreciation is calculated based on: Market value of the asset Useful life of the asset The tax rate applicable Government notifications None 17. Which Ind AS governs the accounting treatment for borrowing costs? Ind AS 23 Ind AS 12 Ind AS 16 Ind AS 37 None 18. Ind AS 2 deals with: Property, Plant, and Equipment Inventories Accounting for Taxation Employee Benefits None 19. Which of the following statements is true about CFS? CFS are prepared only by standalone entities CFS combine financials of parent and subsidiaries CFS ignores the results of associate companies CFS are optional for listed companies None 20. Under Ind AS 110, control over a subsidiary exists when the parent: Holds at least 25% of shares Has voting rights in the company Has power over financial and operating policies Is involved in the day-to-day management None 21. Which Ind AS deals with the accounting of Joint Ventures? Ind AS 27 Ind AS 28 Ind AS 110 Ind AS 105 None 22. Business combinations under Ind AS 103 are accounted for using: Pooling of Interests Method Fair Value Method Acquisition Method Cost Method None 23. Goodwill in a business combination is recorded when: Net assets exceed purchase consideration Purchase consideration exceeds net assets Both entities have the same book value There is no difference between net assets and purchase consideration None 24. The accounting treatment for goodwill under Ind AS 103 requires: Immediate write-off Capitalization but not amortization Systematic amortization No disclosure in financial statements None 25. Ind AS 32 deals with: Financial Instruments: Presentation Revenue Recognition Consolidation of Financial Statements Borrowing Costs None 26. Derivative instruments should be accounted at: Cost Amortized cost Fair value Historical cost None 27. Ind AS 19 deals with: Accounting for Leases Employee Benefits Consolidated Financial Statements Revenue Recognition None 28. Which of the following is NOT a type of employee benefit under Ind AS 19? Short-term employee benefits Post-employment benefits Equity benefits Termination benefits None 29. Integrated Reporting (IR) is focused on: Financial and non-financial performance Only financial performance Only CSR activities Preparing consolidated statements None 30. Corporate Social Responsibility (CSR) under Companies Act, 2013 is applicable to companies having: Net worth of ₹500 crore or more Turnover of ₹100 crore or more Profit of ₹2 crore or more None of the above None 31. The purpose of sustainability reporting is to: Improve financial performance Enhance transparency regarding environmental and social impact Ensure compliance with income tax laws Reduce operating costs None 32. Which body is responsible for issuing International Financial Reporting Standards (IFRS)? SEBI ICAI IASB RBI None 33. The primary objective of corporate governance is to: Maximize shareholder wealth Ensure regulatory compliance Promote ethical decision-making and accountability Reduce corporate tax liabilities None 34. The going concern assumption implies that an entity will: Continue its operations for the foreseeable future Liquidate within a short period Only focus on profit maximization Ignore liabilities in financial reporting None 35. Which financial statement provides a snapshot of a company’s financial position at a specific date? Statement of Profit and Loss Balance Sheet Statement of Cash Flows Statement of Changes in Equity None 36. Materiality in financial reporting means: All transactions must be recorded Only cash transactions should be reported Transactions should be disclosed if they influence users’ decisions Small errors can never be ignored None 37. Ind AS 37 deals with: Employee Benefits Provisions, Contingent Liabilities, and Contingent Assets Financial Instruments Leases None 38. Under Ind AS 116, which of the following is NOT a type of lease? Finance Lease Operating Lease Sublease Service Lease None 39. The fair value of an asset under Ind AS is based on: Historical cost Market-based measurement Replacement cost Book value None 40. Under Ind AS 12, deferred tax arises due to: Differences in accounting and tax treatment of items Cash transactions only Government regulations Changes in interest rates 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!
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 State 1. Which of the following statements about cost audit is true? It is voluntary for all companies It focuses on cost reduction strategies only It ensures compliance with cost accounting standards It replaces financial audit None 2. Which of the following is NOT a responsibility of a cost auditor? Examining cost records Advising on pricing policies Investigating fraudulent financial transactions Verifying the accuracy of cost accounting records None 3. Cost audit is mandatory for a company if its net worth exceeds: ₹10 crore ₹25 crore ₹50 crore ₹100 crore None 4. Which document prescribes the cost accounting records to be maintained by a company? Companies (Audit and Auditors) Rules, 2014 Companies (Cost Records and Audit) Rules, 2014 Companies (Financial Statements) Rules, 2017 SEBI (LODR) Regulations, 2015 None 5. The primary objective of cost audit is to: Detect financial frauds Improve cost efficiency Ensure tax compliance Validate financial statements None 6. Cost audit helps in: Evaluating financial risk exposure Strengthening internal cost control systems Avoiding external audits Reducing the statutory compliance burden None 7. Which of the following is NOT a benefit of cost audit? Identification of loss-making products Reduction in statutory audit scope Improved resource allocation Cost control and efficiency improvement None 8. Which of the following companies is NOT subject to cost audit? A company engaged in petroleum refining A company engaged in banking operations A company engaged in cement manufacturing A company engaged in telecommunications None 9. A cost auditor’s independence is governed by which section of the Companies Act, 2013? Section 133 Section 141 Section 148 Section 230 None 10. Which regulatory body mandates cost audit compliance? ICAI SEBI MCA NCLT None 11. The cost auditor must submit the audit report within how many days of the end of the financial year? 30 days 60 days 90 days 120 days None 12. Which of the following forms is used for filing cost audit reports with MCA? CRA-2 CRA-3 CRA-4 MGT-7 None 13. What is the penalty for failure to comply with cost audit provisions? ₹50,000 fine ₹1 lakh fine ₹5 lakh fine ₹10 lakh fine None 14. Which of the following reports is NOT included in cost audit? Cost Statements Cost Audit Report Financial Statements Annexures to Cost Audit Report None 15. Cost audit is primarily focused on: Evaluating financial performance Ensuring operational efficiency Assessing statutory compliance Analyzing business risks None 16. Which of the following costs is NOT covered under a cost audit? Material cost Labour cost Selling and distribution cost Personal expenses of directors None 17. Cost audit is applicable to a company engaged in production if its turnover exceeds: ₹25 crore ₹50 crore ₹100 crore ₹500 crore None 18. Which of the following is NOT a feature of cost audit? Mandatory for specified industries Focuses on cost efficiency Identifies pricing strategies Replaces statutory financial audit None 19. A cost auditor is appointed by: Board of Directors Shareholders Ministry of Corporate Affairs CEO None 20. Which industry is NOT covered under cost audit regulations? Pharmaceutical industry Textile industry IT software development Telecommunication None 21. Which cost audit technique is used to analyze variances between budgeted and actual costs? Standard costing Ratio analysis Cash flow analysis Variance analysis None 22. Which of the following is a tool used in cost audit? Trial balance Cost sheet Tax audit report Profit & Loss statement None 23. Which of the following is a primary objective of cost audit? Verifying profit calculations Detecting fraud Controlling costs and improving efficiency Ensuring income tax compliance None 24. Which method is commonly used to allocate overhead costs in cost audit? Direct allocation Absorption costing FIFO method Net present value None 25. Which of the following techniques is used for analyzing cost behavior? Break-even analysis Bank reconciliation External audit Deferred tax computation None 26. The cost auditor must submit the audit report to the Board of Directors within: 30 days 60 days 90 days 120 days None 27. Which form is used for the appointment of a cost auditor? CRA-1 CRA-2 CRA-3 CRA-4 None 28. Which annexure in the cost audit report deals with reconciliation of cost and financial accounts? Annexure 1 Annexure 2 Annexure 3 Annexure 4 None 29. Who is responsible for the accuracy of cost records in a company Cost Auditor CFO Board of Directors Statutory Auditor None 30. Under which rule does the submission of a cost audit report to MCA fall? Rule 3 of Companies (Audit and Auditors) Rules Rule 4 of Companies (Cost Records and Audit) Rules Rule 6 of Companies (Accounts) Rules Rule 9 of SEBI (LODR) Regulations None 31. Which ethical principle is crucial for a cost auditor? Confidentiality Flexibility in reporting Business promotion Aggressive pricing strategies None 32. Which section of the Companies Act, 2013, governs cost audit? Section 133 Section 141 Section 148 Section 197 None 33. The penalty for a company’s failure to comply with cost audit provisions can go up to: ₹1 lakh ₹2 lakh ₹5 lakh ₹10 lakh None 34. A cost auditor cannot provide which of the following services to the auditee company? Management consulting Internal audit Cost efficiency advice Legal representation None 35. A company that fails to appoint a cost auditor within the prescribed time frame is liable for: Warning notice Penalty under Companies Act, 2013 SEBI investigation Exemption from cost audit for that year None 36. Which emerging technology is widely used in cost auditing? Blockchain Social media marketing Virtual reality Influencer marketing None 37. Which of the following is an advanced technique in cost audit? Historical cost analysis Predictive cost analytics Random sampling Manual bookkeeping None 38. The use of Artificial Intelligence (AI) in cost audit helps in: Eliminating human involvement Automating data analysis Reducing compliance requirements Avoiding cost audits None 39. Which of the following software is commonly used in cost audit processes? Tally ERP Photoshop Canva QuickBooks None 40. Data analytics in cost auditing helps in: Fraud detection Increasing advertising revenue Reducing financial statement disclosures Ignoring historical cost trends 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!
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 State 1. Who appoints the cost auditor in a company? Shareholders Board of Directors Audit Committee CFO None 2. Which of the following is NOT a qualification required for a Cost Auditor? Must be a practicing Cost Accountant Should not be disqualified under Section 141 of Companies Act Must be a Fellow Member of ICAI Must hold a valid Certificate of Practice from ICMAI None 3. Cost Auditors must submit their report within how many days of receiving cost records? 30 days 60 days 90 days 120 days None 4. Cost auditors must report any fraud above what amount to the Board and Central Government? ₹10 lakh ₹50 lakh ₹1 crore ₹5 crore None 5. Cost audit fees are decided by: Shareholders Board of Directors MCA SEBI None 6. Which form is used to appoint a cost auditor? CRA-1 CRA-2 CRA-3 CRA-4 None 7. The cost audit report is submitted in which form? CRA-3 CRA-4 MGT-7 AOC-4 None 8. What is the purpose of Form CRA-1? Format for cost records maintenance Cost audit appointment Cost audit report submission Financial statement filing None 9. Which annexure of the cost audit report contains the reconciliation of cost and financial accounts? Annexure 1 Annexure 2 Annexure 3 Annexure 4 None 10. Who is responsible for approving the cost audit report before submission? Cost Auditor CFO Board of Directors Statutory Auditor None 11. Which Companies Act section governs Cost Audit? Section 133 Section 144 Section 148 Section 230 None 12. Failure to maintain cost records can result in penalties under which rule? Companies (Audit & Auditors) Rules, 2015 Companies (Cost Records and Audit) Rules, 2014 Companies (Financial Reporting) Rules, 2017 SEBI LODR Regulations None 13. Which of the following sectors are exempt from cost audit? Telecommunication Banking Cement Power Generation None 14. A company failing to comply with cost audit provisions may face fines up to: ₹1 lakh ₹5 lakh ₹10 lakh ₹25 lakh None 15. The penalty for a cost auditor for non-compliance can include imprisonment for up to: 1 year 3 years 5 years 7 years None 16. Which CAS deals with Material Cost? CAS-3 CAS-6 CAS-7 CAS-11 None 17. Which CAS focuses on Employee Cost? CAS-3 CAS-5 CAS-7 CAS-10 None 18. Which CAS applies to Overheads? CAS-2 CAS-5 CAS-11 CAS-16 None 19. CAS-14 covers which type of cost? Pollution Control Cost Repair & Maintenance Cost Packaging Cost Research & Development Cost None 20. Which of the following is NOT a Cost Accounting Standard? CAS-4: Selling & Distribution Cost CAS-9: Packing Material Cost CAS-16: Pollution Control Cost CAS-19: Blockchain Cost Accounting None 21. Which of the following industries is required to maintain cost records? IT Services Banking Cement Manufacturing Stock Broking None 22. A cost auditor should focus on which of the following aspects? Ensuring financial statement accuracy Examining cost efficiency & cost control measures Verifying tax compliance Conducting financial fraud investigations None 23. Which of the following is NOT a benefit of cost audit? Enhancing pricing strategies Improving cost efficiency Reducing statutory compliance Strengthening internal cost control systems None 24. Which is NOT a component of management audit? Evaluation of business strategies Performance analysis Statutory audit of financial statements Organizational efficiency review None 25. Cost audit is mandatory for companies if their turnover exceeds: ₹10 crore ₹50 crore ₹100 crore ₹500 crore None 26. Which sector is NOT required to maintain cost records under Companies (Cost Records and Audit) Rules, 2014? Telecommunication Banking Pharmaceuticals Electricity None 27. Which industry is included under regulated sectors for cost audit applicability? Textile Petroleum & Gas IT Services Automobile None 28. Cost audit is mandatory for manufacturing companies if their turnover exceeds: ₹25 crore ₹50 crore ₹100 crore ₹500 crore None 29. For regulated sectors, cost audit is mandatory if the turnover exceeds: ₹10 crore ₹25 crore ₹50 crore ₹75 crore None 30. Which of the following is a direct benefit of cost audit for management Tax compliance Better financial reporting Identification of cost-saving opportunities Ensuring statutory compliance None 31. The reconciliation of cost and financial accounts is required in which part of the cost audit report? Part A Part B Annexure 1 Annexure 4 None 32. Which regulatory body enforces cost audit compliance in India? SEBI MCA RBI NCLT None 33. Which form is used for cost auditor’s report submission? CRA-2 CRA-3 CRA-4 AOC-4 None 34. Who is responsible for ensuring the accuracy of cost records? Cost Auditor Board of Directors CFO Statutory Auditor None 35. Which of the following is NOT included in a cost audit report? Cost Audit Observations Cost Statements Cash Flow Statement Annexures on Cost Records None 36. Failure to maintain cost records can lead to penalties under which Companies Act section? Section 133 Section 141 Section 148 Section 197 None 37. A cost auditor must submit the audit report within how many days of the financial year-end? 90 days 120 days 150 days 180 days None 38. Which ethical principle is most critical for a cost auditor? Confidentiality Marketing Skills Aggressive Pricing Strategies Flexibility in Reporting None 39. Which of the following is a key focus of management audit? Compliance with financial reporting Improving operational efficiency Preparing tax returns Statutory Audit Requirements None 40. Who approves the cost audit report before submission? Cost Auditor CFO Board of Directors Internal Auditor 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!
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 State 1. Which company is NOT required to maintain cost records as per the Companies Act, 2013? Manufacturing companies specified under cost audit rules Companies engaged in trading activities Companies producing steel and cement Companies manufacturing specified pharmaceutical products None 2. Cost records should be maintained for how many years as per statutory requirements? 3 years 5 years 8 years 10 years None 3. Which regulatory body specifies the industry sectors for cost audit applicability? SEBI MCA ICAI RBI None 4. Which cost records maintenance rule is applicable to companies under cost audit? Companies (Cost Records and Audit) Rules, 2014 Companies (Audit & Auditors) Rules, 2015 Companies (Statutory Audit) Rules, 2013 Companies (Internal Audit) Rules, 2018 None 5. Which of the following companies are required to conduct cost audits? Companies with net worth of ₹10 crore or more Companies having turnover exceeding ₹100 crore in regulated sectors Companies engaged in financial services Companies listed on the stock exchange None 6. Which of the following is NOT a responsibility of a Cost Auditor? Verify cost records Ensure statutory compliance Certify financial statements Suggest cost reduction measures None 7. Which form is used to file the Cost Audit Report with MCA? Form CRA-1 Form CRA-3 Form CRA-4 Form CRA-14 None 8. A cost auditor is required to report frauds involving amounts exceeding: ₹10 lakh ₹50 lakh ₹1 crore ₹5 crore None 9. Which of the following sections of the Companies Act, 2013 mandates cost audit? Section 139 Section 144 Section 148 Section 233 None 10. Cost audit reports should be submitted within how many days from the financial year-end? 90 days 120 days 180 days 150 days None 11. CAS-1 deals with which of the following? Depreciation Cost Classification of Cost Employee Cost Research & Development Cost None 12. Which Cost Accounting Standard covers Overheads? CAS-2 CAS-3 CAS-5 CAS-7 None 13. Which CAS provides guidelines on Direct Material Cost? CAS-1 CAS-2 CAS-3 CAS-6 None 14. CAS-19 deals with which cost element? Joint Costs Packaging Costs Research & Development Costs Infrastructure Costs None 15. Which of the following is NOT a Cost Accounting Standard? CAS-10: Repairs & Maintenance Cost CAS-12: Administrative Overheads CAS-16: Pollution Control Cost CAS-25: Blockchain Accounting None 16. Which of the following is NOT a benefit of cost audit? Identifying cost-saving opportunities Ensuring statutory compliance Increasing financial statement accuracy Improving cost efficiency None 17. A limitation of cost audit is: It is legally mandated It involves subjective judgments It improves cost control It helps in regulatory compliance None 18. Which key aspect is NOT covered in Management Audit? Human Resource Efficiency Organizational Structure Direct Tax Compliance Decision-making Effectiveness None 19. One of the primary differences between Cost Audit and Financial Audit is: Cost Audit focuses on past financial transactions Financial Audit aims at cost efficiency Cost Audit is concerned with operational efficiency Financial Audit ensures statutory compliance None 20. Which of the following is NOT a purpose of Management Audit? Assessing organizational efficiency Analyzing financial statements for investors Evaluating decision-making processes Enhancing internal controls None 21. Who appoints the cost auditor in a company? Shareholders Board of Directors Audit Committee Government Authority None 22. A cost auditor must be a member of: ICAI ICSI ICMAI SEBI None 23. Which of the following industries requires cost audit? Banking Telecommunications IT Services Film Industry None 24. Which of the following is NOT a category of Cost Audit? Propriety Audit Efficiency Audit Performance Audit Legal Compliance Audit None 25. A cost audit helps in: Reducing tax liability Identifying financial fraud Improving pricing decisions Managing fixed asset investments None 26. Which of the following is NOT a step in the cost audit process? Appointment of the cost auditor Verification of cost records Valuation of financial assets Submission of cost audit report None 27. The first step in a cost audit is: Issuance of cost audit report Collection of audit evidence Appointment of cost auditor Analysis of financial reports None 28. Which type of cost audit is conducted to ensure the optimal utilization of resources? Statutory Cost Audit Efficiency Audit Propriety Audit Financial Audit None 29. Which of the following best describes ‘Materiality’ in a cost audit? A minor deviation that can be ignored A significant item that can influence cost decisions A legal requirement to disclose all costs An unnecessary part of cost audit None 30. The primary objective of an operational audit is to: Verify financial transactions Assess compliance with tax laws Improve efficiency and effectiveness Ensure accuracy of cost statements None 31. Which form is used to submit the Cost Audit Report to the government? Form CRA-2 Form CRA-3 Form CRA-4 Form CRA-7 None 32. Which of the following is NOT a part of the Cost Audit Report? Cost Auditor’s Observations Cost Statements Profit & Loss Account Annexures to Cost Audit Report None 33. Cost audit observations should be reported in which section of the cost audit report? Part A Part B Part C Annexure 1 None 34. Which of the following forms is used for the appointment of a cost auditor? CRA-1 CRA-2 CRA-3 CRA-4 None 35. Who is responsible for approving the cost audit report before submission to the MCA? Chief Financial Officer Board of Directors Cost Accountant Internal Auditor None 36. Which section of the Companies Act, 2013 specifies penalties for non-compliance with cost audit requirements? Section 133 Section 144 Section 148 Section 197 None 37. What is the penalty for non-compliance with cost audit regulations under the Companies Act? ₹50,000 to ₹2,00,000 ₹10,000 to ₹50,000 ₹5,00,000 to ₹10,00,000 ₹1,00,000 to ₹5,00,000 None 38. A cost auditor who knowingly provides incorrect audit reports may be penalized with imprisonment for up to: 1 year 3 year 5 year 7 year None 39. In case of a company’s failure to maintain cost records, who can be held liable? Cost Auditor only Board of Directors & CEO Shareholders Government Authorities None 40. If a company fails to submit the Cost Audit Report in the prescribed time, it may face: Monetary fines only Imprisonment of the CFO Disqualification of the cost auditor Both monetary fines and possible legal action 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!
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 State 1. Which section of the Companies Act, 2013 deals with the maintenance of cost records? Section 139 Section 148 Section 233 Section 92 None 2. Cost audit is applicable to companies that meet which of the following criteria? Net worth exceeding ₹5 crore Turnover exceeding ₹50 crore Turnover exceeding ₹100 crore and falling under specified sectors Any company as per management discretion None 3. Who is eligible to be appointed as a Cost Auditor? A practicing Chartered Accountant A Cost Accountant in practice A Company Secretary Any finance professional None 4. What is the primary objective of cost audit? To determine tax liability To assess company profitability To verify cost accounting records and ensure efficiency To replace financial audit None 5. Cost audit reports are submitted to: SEBI Shareholders Board of Directors and Central Government Banks and Financial Institutions None 6. Which of the following is a key Cost Audit Standard issued by ICMAI? CAS-1 CAS-4 CAS-6 CAS-102 None 7. The format of the Cost Audit Report is prescribed in which form? Form CRA-1 Form CRA-2 Form CRA-3 Form CRA-4 None 8. The appointment of a Cost Auditor is reported to the government in which form? CRA-1 CRA-2 CRA-3 CRA-4 None 9. A Cost Auditor must report fraud above what amount to the Central Government? ₹1 crore ₹10 lakh ₹50 lakh ₹25 lakh None 10. Cost Auditors should follow which ethical guidelines? ICMAI Cost Audit Standards ICAI Audit Guidelines ICSI Audit Framework None of the above None 11. Management audit primarily evaluates: Financial statements Operational efficiency and effectiveness Tax planning Compliance with labor laws None 12. Which of the following is NOT an objective of Management Audit? Performance improvement Fraud detection Policy evaluation Compliance with company laws None 13. Which function is typically evaluated in Management Audit? Production Process Human Resource Efficiency Marketing Effectiveness All of the above None 14. Which of the following is NOT a limitation of management audit? Subjective judgment High cost Helps in improving efficiency Time-consuming process None 15. Which key area does a Management Audit NOT focus on? Decision-making efficiency Risk assessment Statutory tax compliance Organizational policies None 16. Which component is NOT a part of internal control? Control environment Risk assessment External audit Monitoring activities None 17. Which is a primary objective of operational audit? Evaluate financial statements Improve operational efficiency Identify fraud Ensure tax compliance None 18. Which type of audit examines the cost-effectiveness of company operations? Cost Audit Financial Audit Operational Audit Statutory Audit None 19. Which of the following is an example of operational audit? Reviewing sales invoices Assessing inventory management efficiency Filing income tax returns Conducting shareholder meetings None 20. Who generally conducts internal audits in an organization? External Auditor CFO Internal Audit Team Government Regulator None 21. Which of the following industries is required to maintain cost records? IT sector Banking sector Steel manufacturing Retail business None 22. Cost Audit helps in: Price fixation Financial Statement Analysis Filing Income Tax Auditing of shareholders None 23. What is the full form of XBRL in cost audit reporting? Extensive Business Research Language eXtensible Business Reporting Language External Business Research Law None of the above None 24. Who appoints the Cost Auditor in a company? Shareholders Board of Directors Audit Committee Government Authority None 25. What is the penalty for non-compliance with cost audit provisions under the Companies Act? ₹1,00,000 - ₹5,00,000 ₹50,000 - ₹2,00,000 ₹5,000 - ₹50,000 No penalty None 26. Which of the following is NOT an objective of cost audit? Cost control and cost reduction Ensuring compliance with financial reporting standards Identifying wasteful expenditure Assisting management in decision-making None 27. Who has the ultimate responsibility for ensuring cost records are maintained? Cost Accountant Chief Financial Officer (CFO) Board of Directors Government Auditor None 28. Under the Companies Act, cost records should be maintained in which format? Form CRA-1 Form CRA-3 Form MGT-7 Form AOC-4 None 29. The tenure of a Cost Auditor is generally for: 1 year 3 years 5 years Indefinite period None 30. Which of the following industries is exempt from cost audit? Electricity generation Healthcare services Petroleum refining Pharmaceuticals None 31. CAS-4 is related to: Material Cost Overheads Cost of Production for Captive Consumption Employee Cost None 32. The purpose of CAS-6 is to provide guidelines on: Depreciation Material Cost Direct Expenses Administrative Overheads None 33. Which Cost Accounting Standard deals with Research & Development Costs? CAS-12 CAS-18 CAS-20 CAS-22 None 34. Cost of Utilities is covered under which CAS? CAS-8 CAS-12 CAS-14 CAS-22 None 35. CAS-10 deals with which of the following? Repairs & Maintenance Cost Selling & Distribution Cost Employee Cost Depreciation Cost None 36. The due date for submission of the Cost Audit Report to the Board of Directors is within how many days from the end of the financial year? 120 days 150 days 180 days 210 days None 37. Which regulatory body prescribes the rules for cost audit in India? SEBI ICAI MCA RBI None 38. What is the penalty for non-submission of the Cost Audit Report within the stipulated time? ₹50,000 - ₹2,00,000 ₹1,00,000 - ₹5,00,000 ₹5,000 - ₹50,000 No penalty None 39. Which of the following information is NOT included in the cost audit report? Cost Sheet Pricing Decisions Employee Performance Ratings Production Efficiency None 40. Which of the following is the primary reason for implementing cost audits in industries? To ensure tax compliance To improve cost efficiency and competitiveness To satisfy shareholders To attract investors 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!
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 State 1. Which of the following is NOT an advantage of Cost Audit? Helps in cost control Assists in pricing decisions Helps in tax evasion Aids in government regulations None 2. Performance appraisal through cost audit helps in: Identifying cost overruns and inefficiencies Preparing tax return Implementing corporate governance Improving brand image None 3. Which is NOT a major focus of Cost Audit? Cost control Efficiency measurement Statutory tax compliance Waste reduction None 4. Cost Audit helps management in which of the following areas? Reducing product pricing Evaluating cost efficiencies Avoiding financial statements preparation Manipulating overhead costs None 5. Which of the following is NOT a key benefit of cost audit for a company? Improved cost transparency Regulatory compliance Encouraging inefficiency Better cost management None 6. Cost Audit is required for which type of companies as per Companies Act, 2013? Companies engaged in agriculture Companies engaged in specified regulated industries Banking and Insurance Companies Educational Institutions None 7. The Companies (Cost Records and Audit) Rules, 2014 mandate cost audit for: All companies Manufacturing companies above a turnover threshold Service companies Private firms with turnover below ₹5 crores None 8. Which regulatory body oversees Cost Audit compliance in India? SEBI RBI Ministry of Corporate Affairs (MCA) Income Tax Department None 9. What is the minimum turnover requirement for cost audit applicability in certain industries? ₹10 crores ₹50 crores ₹20 crores ₹100 crores None 10. In India, the requirement for maintaining cost records is governed by: Companies Act, 2013 Income Tax Act, 1961 SEBI Regulations Banking Regulations Act None 11. Cost Audit reports should be submitted within how many days of the financial year-end? 30 days 90 days 120 days 130 days None 12. The first step in Cost Audit is: Planning the audit Reviewing financial reports Interviewing employees Preparing tax returns None 13. Which document is essential for conducting a Cost Audit? Statutory Audit Report Cost Records Profit & Loss Account Bank Statements None 14. Cost Auditors must reconcile cost accounts with: Income tax returns Financial accounts Sales invoices Loan documents None 15. Which method is used in cost audit to analyze cost variations? Standard Costing Financial Ratio Analysis Trend Analysis All of the above None 16. CAS-2 relates to: Capacity Determination Indirect Expenses Selling Overheads Employee Cost None 17. CAS-8 is associated with: Utilities Research & Development Costs Packing Material Costs Depreciation None 18. CAS-19 deals with: Joint Costs Interest and Finance Charges Pollution Control Costs Material Cost None 19. CAS-23 covers: Cost Allocation Overheads Direct Expenses Research & Development None 20. Which of the following CAS standards deals with Packing Material Cost? CAS-15 CAS-8 CAS-5 CAS-20 None 21. Cost Auditors should comply with which ethical principle? Confidentiality Independence Professional competence All of the above None 22. What is the role of professional skepticism in cost audit? To accept all financial data without questioning To critically assess audit evidence To manipulate cost records To ignore discrepancies None 23. An independent cost auditor must: Report directly to shareholders Be appointed by the government Avoid conflicts of interest Hold a statutory auditor role None 24. Which of the following is a fundamental principle of auditing ethics? Confidentiality Advocacy Compromise Bias None 25. In case of unethical practices detected during cost audit, the auditor should: Ignore them Report to the Board of Directors Manipulate records to cover them Conceal the findings None 26. Which of the following is a key benefit of cost audit for investors? Ensures fair pricing decisions Helps in tax evasion Increases company liabilities Reduces dividend payouts None 27. Which of the following is NOT a part of the cost audit report? Cost statements Financial statements Reconciliation of cost and financial records Observations and recommendations None 28. A cost audit ensures that cost records are maintained as per: Financial Accounting Standards Companies (Cost Records and Audit) Rules, 2014 Income Tax Act SEBI Guidelines None 29. Which section of the Companies Act, 2013 deals with the appointment of cost auditors? Section 139 Section 148 Section 204 Section 192 None 30. Who has the primary responsibility for ensuring cost audit compliance? Shareholders Cost Auditor Board of Directors Tax Authorities None 31. Performance audit primarily focuses on: Cost efficiency and effectiveness Tax compliance Stock valuation Share market performance None 32. Which of the following is a key tool used in performance auditing? Variance Analysis Tax Computation Dividend Declaration Marketing Strategy None 33. The primary objective of cost audit in a service industry is to: Monitor financial frauds Evaluate service cost efficiency Increase product sales Manipulate expenses None 34. In cost audit, benchmarking is used to: Compare costs with industry standards Calculate depreciation Reduce employee wages Ignore cost variations None 35. Which aspect of management decision-making is enhanced through cost audit? Profit maximization Compliance monitoring Cost efficiency and pricing strategy Marketing planning None 36. The role of cost audit in Industry 4.0 focuses on: Automation cost control Reducing regulatory compliance Ignoring cost variations Increasing manual intervention None 37. Data analytics in cost audit helps in: Identifying cost trends and inefficiencies Reducing statutory obligations Manipulating financial statements Avoiding tax audits None 38. Blockchain technology can enhance cost audit by: Improving cost data transparency and security Avoiding regulatory compliance Increasing manual reporting Reducing audit reliability None 39. Which of the following is an upcoming area in cost audit for sustainability reporting? Carbon Footprint Auditing Employee Cost Cutting Shareholder Fund Management Speculative Trading None 40. Artificial Intelligence (AI) in cost audit is used for: Predictive cost analysis Hiding financial transactions Increasing audit complexity Reducing audit accuracy None 1 out of 4 Great job on taking the INCOC Test! We appreciate your interest in test. 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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 State 1. Which section of the Companies Act, 2013 deals with Cost Audit? ) Section 139 Section 148 Section 177 Section 233 None 2. Who is responsible for maintaining cost records in a company? Statutory Auditor Cost Auditor CFO Board of Directors None 3. Which of the following industries is NOT covered under mandatory cost audit? Cement Fertilizers Banking Sugar None 4. The primary objective of cost audit is to: Ensure compliance with taxation laws Detect frauds and errors Improve cost efficiency and control Ensure financial stability None 5. Who prescribes the Cost Accounting Standards in India? ICAI ICMAI SEBI RBI None 6. The appointment of a cost auditor is made by: Shareholders Board of Directors Statutory Auditor CFO None 7. Which of the following is NOT a duty of a Cost Auditor? Examine cost records Recommend cost-saving techniques Certify financial statements Verify efficiency in resource utilization None 8. A cost auditor must submit the cost audit report to the Board within: 60 days 90 days 120 days 150 days None 9. Which of the following is an essential quality of a Cost Auditor? Knowledge of tax laws Independence and objectivity Strong public speaking skills Experience in banking None 10. Cost Auditor’s report is filed in which form? CRA-1 CRA-2 CRA-3 CRA-4 None 11. CAS-10 deals with: Material Cost Selling and Distribution Overhead Depreciation Research & Development Costs None 12. CAS-6 relates to: Employee Cost Material Cost Overheads Direct Expenses None 13. CAS-14 is applicable to: Pollution Control Cost Packing Material Cost ) Interest and Financing Charges Administrative Overheads None 14. Which CAS standard covers Overheads? CAS-3 CAS-6 CAS-7 CAS-9 None 15. CAS-22 deals with: Cost of Utilities Cost of Production Packing Material Cost Research & Development None 16. Which of the following is NOT a method used in Cost Audit? Ratio Analysis Budgetary Control Financial Forecasting Variance Analysis None 17. Cost Audit is primarily based on: Cost Accounting Records Tax Records Bank Statements Profit and Loss Account None 18. Which of the following does NOT require Cost Audit? IT services Sugar industry Power generation Cement industry None 19. Cost Audit primarily benefits: Employees Government Shareholders All of the above None 20. Who is responsible for filing the cost audit report with MCA? Statutory Auditor Company Secretary Cost Auditor Board of Directors None 21. Cost Audit assists management by: Reducing tax liabilities Identifying cost inefficiencies Ensuring regulatory compliance only Increasing profit margins directly None 22. Which of the following is NOT an objective of cost audit? Cost control Profit maximization Efficiency improvement Prevention of frauds None 23. Which of the following is a limitation of cost audit? Increased managerial efficiency Identifies cost inefficiencies Requires additional time and resources Provides better cost control None 24. One of the key challenges in cost audit is: Determining tax liabilities Estimating production budgets Availability of accurate cost data Increasing market share None 25. Which of the following areas is NOT directly impacted by Cost Audit? Product Pricing Marketing Strategies Resource Optimization Tax Evasion None 26. If a company fails to comply with cost audit provisions, the penalty may go up to: ₹10,000 ₹50,000 ₹1,00,000 ₹5,00,000 None 27. Non-maintenance of cost records can lead to a penalty of: ₹1,00,000 ₹5,00,000 ₹10,00,000 ₹50,000 None 28. Failure to appoint a cost auditor can result in penalties for: The company only The CFO only Both company and officers in default Statutory Auditor None 29. Who has the authority to order a cost audit? Shareholders Ministry of Corporate Affairs Internal Auditor CFO None 30. Cost Audit improves corporate governance by: Increasing financial statements’ credibility Avoiding statutory audits Manipulating costs Eliminating competition None 31. In the pharmaceutical industry, cost audit primarily focuses on: Drug pricing and production costs Marketing expenses Profit-sharing agreements Research tax benefits None 32. Which industry is NOT subject to mandatory cost audit under the Companies Act? Telecommunication Power generation Software development Petroleum refining None 33. Cost audit in the cement industry helps in: Cost reduction and efficiency improvement Tax compliance Mergers and acquisitions Sales forecasting None 34. Which of the following industries has a high dependency on cost audit for pricing regulations? Aviation Banking IT services Agriculture None 35. The cost audit report for the sugar industry is useful for: Managing production efficiency Avoiding tax liabilities Manipulating selling prices Increasing shareholder dividends None 36. Cost audit contributes to sustainability by: Reducing material wastage Increasing taxation Manipulating financial data Enhancing statutory compliance None 37. Environmental cost audit is primarily focused on: Compliance with environmental laws Identifying financial frauds Maximizing profit margins Reducing employee wages None 38. Which of the following costs are assessed in a Green Cost Audit? Water and energy consumption costs Shareholder dividend costs Advertising costs Corporate restructuring costs None 39. Social cost audit evaluates: A company’s impact on society and labor welfare Shareholder investment strategies Tax-saving strategies Competitor analysis None 40. The key objective of an Energy Audit within cost audit is to: Reduce electricity and fuel costs Improve employee productivity Enhance brand awareness Minimize statutory penaltis 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!
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 State 1. Who approves the cost audit report before submission to the Central Government? CFO Board of Directors Internal Auditor Statutory Auditor None 2. Which of the following is NOT a type of Cost Audit? Efficiency Audit Proprietary Audit Statutory Audit Social Audit None 3. Cost Audit applies to companies engaged in: Manufacturing only Service sector only Both manufacturing and service sector Trading business only None 4. Who determines the scope of Cost Audit? Board of Directors Government and ICMAI Cost Auditor Internal Auditor None 5. Cost Auditor is required to report under which form for cost audit compliance? CRA-2 CRA-3 CRA-4 CRA-1 None 6. Which of the following techniques is NOT commonly used in Cost Audit? Standard Costing Budgetary Control Cash Flow Analysis Cost Reconciliation None 7. Which principle is most relevant in Cost Audit? Cost-Benefit Principle Materiality Principle Historical Cost Principle Matching Principle None 8. Which cost accounting standard deals with Depreciation? CAS-5 CAS-6 CAS-7 CAS-8 None 9. CAS-11 relates to: Research and Development Cost Selling and Distribution Overheads Employee Cost Utilities Cost None 10. Cost Accounting Standard (CAS) related to Pollution Control Costs is: CAS-12 CAS-14 CAS-16 CAS-19 None 11. Cost Auditor should be appointed within how many days of the commencement of the financial year? 30 days 90 days 120 days 180 days None 12. Which of the following is NOT a responsibility of a Cost Auditor? Verify cost records Ensure statutory compliance Certify financial statements Suggest cost reduction measures None 13. Which of the following reports is required under cost audit? Tax Audit Report Performance Audit Report Compliance Report Shareholders’ Report None 14. The responsibility of appointing a Cost Auditor lies with: Board of Directors Audit Committee Statutory Auditor Shareholders None 15. A cost audit report should be submitted to the Board of Directors within: 60 days 90 days 120 days 160 days None 16. Cost Audit is mandatory for companies engaged in: IT services Power generation Trading activities Banking and Insurance None 17. Cost Audit for pharmaceutical companies is applicable if their turnover is above: ₹10 crore ₹25 crore ₹50 crore ₹80 crore None 18. Which industry is NOT covered under mandatory cost audit? Steel Cement Insurance Fertilizers None 19. Cost Audit is applicable to Sugar Industry if its turnover exceeds: ₹10 crore ₹20 crore ₹50 crore ₹100 crore None 20. Which sector follows CAS-22 for cost computation? Mining Telecommunication Healthcare Banking None 21. Which form is required for the appointment of a Cost Auditor? CRA-1 CRA-2 CRA-3 CRA-4 None 22. Failure to file the cost audit report within the due date can result in: ₹10,000 fine ₹1,00,000 fine ₹5,00,000 fine ₹5000 fine None 23. Penalty for non-maintenance of cost records can extend up to: ₹25,000 ₹50,000 ₹1,00,000 ₹5,00,000 None 24. Who is responsible for compliance with Cost Audit regulations? Cost Auditor CFO Board of Directors Statutory Auditor None 25. If a company fails to appoint a cost auditor, the penalty is applicable to: The company only The directors only Both the company and officers in default Only the CFO None 26. The cost audit report should be signed by: CFO Managing Director Cost Auditor Board of Directors None 27. Which of the following statements is TRUE about Cost Audit? It is optional for all companies It is a statutory requirement for specific industries It replaces statutory audits It is applicable only to private companies None 28. Ethical behavior in cost audit helps in: Enhancing stakeholder confidence Increasing tax savings Improving operational processes Simplifying reporting formats None 29. Which authority prescribes the Cost Audit Rules in India? SEBI ICMAI Ministry of Corporate Affairs (MCA) RBI None 30. What is the key difference between Financial Audit and Cost Audit? Cost Audit focuses on statutory compliance Financial Audit examines cost control Cost Audit focuses on efficiency and waste reduction Cost Audit is done by external auditors None 31. Which form is used to intimate the cost auditor's appointment to the Central Government? CRA-1 CRA-2 CRA-3 CRA-4 None 32. Which of the following is NOT included in cost records? Cost of raw materials Selling and distribution expenses Market research expenses Profit-sharing bonus None 33. Which cost audit report format is prescribed under the Companies (Cost Records and Audit) Rules, 2014? Form A Form CRA-3 Form 3CD Form 26AS None 34. Cost Audit Report must include: Director’s report Auditor’s qualifications Reconciliation of cost and financial accounts Share price analysis None 35. As per Companies Act, 2013, the penalty for incorrect cost audit reporting may extend up to: ₹1,00,000 ₹5,00,000 ₹10,00,000 ₹50,000 None 36. Which of the following is NOT a type of Cost Audit? Efficiency Audit Social Audit Product Audit Internal Financial Audit None 37. The primary focus of Social Audit in cost auditing is: Profit Maximization Environmental and social responsibilities Shareholder Wealth Internal Financial Control None 38. Which of the following is an objective of Management Audit? Evaluating profit margins Assessing managerial effectiveness Verifying tax compliance Preparing statutory accounts None 39. Cost Audit primarily benefits which stakeholders? Shareholders Management Government All of the above None 40. Which audit evaluates whether company resources are used efficiently and effectively? Financial Audit Cost Audit Management Audit Tax Audit 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!
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 State 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!
Welcome to your International Navodaya Chamber of Commerce (INCOC) Platform ! Subject: Union Budget 2025-26 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 State 1. What is the total expenditure estimated in the Union Budget 2025-26? ₹45 lakh crore ₹50.65 lakh crore ₹55 lakh crore ₹ 60 lakh crore None 2. What is the new income tax exemption threshold under the revised tax regime in Budget 2025-26? ₹5 lakh ₹7 lakh ₹15 lakh ₹12 lakh None 3. Which sector received a focus product scheme aiming to facilitate employment for 22 lakh persons in the Budget 2025-26? Textile Footwear and Leather Automobile Electronics None 4. What is the projected fiscal deficit for the year 2025-26 as per the Union Budget? 3.5% of GDP 4.4% of GDP 5.5% of GDP 6.5% of GDP None 5. Which new program was launched to promote high-yield crops among farmers in the Budget 2025-26? Krishi Vikas Yojana High-Yield Crop Program Samriddhi Kisan Yojana Crop Enhancement Scheme None 6. How much capital expenditure is allocated for infrastructure development in the Union Budget 2025-26? ₹5 lakh crore ₹7.5 lakh crore ₹10 lakh crore ₹12 lakh crore None 7. What initiative was announced to formalize gig economy workers in the Budget 2025-26? Gig Worker Welfare Scheme Gig Economy Formalization Program Gig Worker Social Security Scheme Gig Worker Integration Plan None 8. Which mission aims to achieve 100 GW of nuclear power by 2047 as per the Budget 2025-26? Atomic Energy Mission Nuclear Power Mission Nuclear Energy Mission Atomic Power Initiative None 9. What is the estimated net tax revenue for the fiscal year 2025-26? ₹25 lakh crore ₹28.37 lakh crore ₹30 lakh crore ₹32 lakh crore None 10. Which sector is expected to generate a turnover of ₹4 lakh crore and exports of over ₹1.1 lakh crore under the focus product scheme? Textile Footwear and Leather Automobile Electronics None 11. What is the primary goal of the significant personal tax cuts introduced in the Budget 2025-26? Increase government revenue Stimulate domestic demand Encourage foreign investment Reduce fiscal deficit None 12. Which new tax benefit was introduced for contributions up to ₹50,000 in the Budget 2025-26? NPS Vatsalya PPF Scheme EPF Contribution Sukanya Samriddhi Yojana None 13. What is the projected GDP growth rate for the fiscal year ending in March 2025? 5.4% 6.4% 7.4% 8.4% None 14. Which committee is set to review India's regulatory environment as per the Budget 2025-26? Regulatory Reform Committee Ease of Doing Business Committee Investment Facilitation Committee Business Environment Review Committee None 15. What is the main objective of the measures announced for the toy sector in the Budget 2025-26? Increase imports Boost domestic manufacturing Reduce exports Decrease employment None 16. Which segment of the population is expected to benefit the most from the income tax reliefs in the Budget 2025-26? High-income individuals Middle-class households Corporations Agricultural workers None 17. What is the anticipated impact of the tax cuts on household consumption? Decrease No change Increase Uncertain None 18. Which sector is expected to see increased foreign direct investment due to policy changes in the Budget 2025-26? Insurance Agriculture Retail Real Estate None 19. What is the purpose of the Nuclear Energy Mission announced in the Budget 2025- 26? Reduce fossil fuel dependence Increase coal production Promote solar energy Develop wind energy None 20. Which group is targeted for improved access to healthcare and welfare initiatives in the Budget 2025-26? Government employees Gig economy workers Retired individuals Students None 21. What is the expected outcome of the high-yield crop program for farmers? Decreased productivity Increased crop yields Reduced income Lower market prices None 22. Which new tax-saving investment scheme was introduced in Budget 2025-26? Bharat Savings Bond National Pension Plus Scheme India Growth Fund Atmanirbhar Investment Scheme None 23. How much budgetary allocation has been made for the defense sector in the Budget 2025-26? ₹4.5 lakh crore ₹5.94 lakh crore ₹6.12 lakh crore ₹7.2 lakh crore None 24. Which initiative in Budget 2025-26 aims to boost India's semiconductor manufacturing industry? Digital India Vision Semiconductor India Program Chip India Mission Make in India – Semiconductors None 25. What is the revised capital gains tax exemption limit on residential property sales in Budget 2025-26? ₹50 lakh ₹1 crore ₹2 crore ₹3 crore None 26. Which major railway project received significant funding under Budget 2025-26? Bullet Train Corridor High-Speed Rail Development Bharatmala Rail Initiative Vande Bharat Expansion None 27. How much allocation has been made for the Pradhan Mantri Awas Yojana (PMAY) in Budget 2025-26? ₹60,000 crore ₹75,000 crore ₹90,000 crore ₹1 lakh crore None 28. Which new scheme has been introduced to provide affordable healthcare in Budget 2025-26? Ayushman Plus Scheme National Health Security Scheme Bharat Aarogya Abhiyan Swasth Bharat Yojana None 29. Which tax was reduced to boost MSME sector growth in Budget 2025-26? GST Corporate Tax Income Tax Customs Duty None 30. The Union Budget 2025-26 aims to achieve how much solar power generation capacity by 2030? 200 GW 250 GW 300 GW 350 GW None 31. What is the expected revenue from divestment and asset monetization as per the Budget 2025-26? ₹50,000 crore ₹1 lakh crore ₹1.5 lakh crore ₹2 lakh crore None 32. Which new initiative was launched to promote Artificial Intelligence in Budget 2025-26? AI India Mission Digital Intelligence Program Future Tech Vision AI Bharat Abhiyan None 33. What is the budgetary allocation for infrastructure development under Budget 2025-26? ₹7 lakh crore ₹9.5 lakh crore ₹10 lakh crore ₹11 lakh crore None 34. The government aims to increase agricultural credit to what amount in Budget 2025-26? ₹15 lakh crore ₹18 lakh crore ₹20 lakh crore ₹22 lakh crore None 35. How many new airports are planned under the Budget 2025-26? 25 35 50 75 None 36. Which ministry received the highest allocation in the Union Budget 2025-26? Ministry of Defence Ministry of Finance Ministry of Railways Ministry of Education None 37. Which digital payment initiative received increased support under Budget 2025-26? UPI 3.0 Bharat Pay Expansion Digital Rupee Expansion E-Rupee Integration None 38. How much has been allocated for research and development in the Budget 2025-26? ₹30,000 crore ₹40,000 crore ₹50,000 crore ₹60,000 crore None 39. Which state received the highest allocation for infrastructure projects in the Budget 2025-26? Maharashtra Uttar Pradesh Tamil Nadu Gujarat None 40. The government plans to introduce how many new railway routes under the Budget 2025-26? 100 150 200 250 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!
