The prime function of management accounting is to –
(a) Record business transactions
(b) Interpret financial data (c) Assist the management in performing its functions effectively (d) Assist tax authorities.
(a) Record business transactions
(b) Interpret financial data (c) Assist the management in performing its functions effectively (d) Assist tax authorities.
Anonymous Quiz
17%
a
23%
b
54%
c
6%
d
Multiple costing is followed in – (a) Biscuit factory
(b) Steel industry
(c) Brick making (d) Cycle manufacturing.
(b) Steel industry
(c) Brick making (d) Cycle manufacturing.
Anonymous Quiz
16%
a
25%
b
16%
c
44%
d
Statement-I
Sunk cost is one that has already been incurred and cannot be avoided by decisions in the future.
Statement-II For decision making, it is required that such cost should be incurred. Select the correct answer from the options given below –
Sunk cost is one that has already been incurred and cannot be avoided by decisions in the future.
Statement-II For decision making, it is required that such cost should be incurred. Select the correct answer from the options given below –
Anonymous Quiz
38%
(a) Both statements are correct
17%
(b) Both statements are incorrect
23%
(c) Statement-I is incorrect, but Statement-II is correct
22%
(d) Statement-I is correct, but Statement-II is incorrect
Which section of me Companies Act, 2013 deals with audit of cost accounting records – (a) Section 158
(b) Section 148
(c) Section 168 (d) Section 139.
(b) Section 148
(c) Section 168 (d) Section 139.
Anonymous Quiz
14%
a
40%
b
28%
c
19%
d
Rent, rates and insurance of factory and office are examples of – (a) Direct expenses
(b) Indirect expenses
(c) Notional expenses (d) Miscellaneous expenses.
(b) Indirect expenses
(c) Notional expenses (d) Miscellaneous expenses.
Anonymous Quiz
35%
a
44%
b
10%
c
11%
d
Which of the following formula is used to calculate efficiency ratio –
Anonymous Quiz
11%
Actual hours/ Budgeted hours ×100
36%
Standard hours for actual production/ Actual Hours ×100
31%
Standard hours for actual production/ Budgeted hours ×100
23%
Actual hours/ Standard hours for actual production ×100
According to Chartered Institute of Management Accountants (CIMA), cost attribution to cost units on the basis of benefits received from indirect activities e.g. ordering, setting-up, assuring quality is known as –
Anonymous Quiz
22%
Absorption costing
28%
Marginal costing
38%
Activity based costing
11%
Job costing
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Which of the following is not an assertion about account balances
a) Completeness
b) Accuracy c) Allocation and Valuation d) Existence
a) Completeness
b) Accuracy c) Allocation and Valuation d) Existence
Anonymous Quiz
10%
a
17%
b
28%
c
44%
d
Valuation of inventory is dealt by the Auditor in
a) SA 501
b) CARO 2016 c) Both of the above d) None of the above
a) SA 501
b) CARO 2016 c) Both of the above d) None of the above
Anonymous Quiz
18%
a
15%
b
58%
c
9%
d
Which of the following is not a situation where external confirmation can be used?
a) Loans outstanding Share Application Money
b) Loans from lenders c) Stock held with third party d) Salary paid to Mr Shyam
a) Loans outstanding Share Application Money
b) Loans from lenders c) Stock held with third party d) Salary paid to Mr Shyam
Anonymous Quiz
18%
a
25%
b
25%
c
32%
d
SA510Initialauditengagement–Openingbalanceisapplicablewhen,
a) Audit is not done by any other auditor
b) Audit is done by a person who is not an auditor c) Audit is done by management d) Audit is done by predecessor auditor
a) Audit is not done by any other auditor
b) Audit is done by a person who is not an auditor c) Audit is done by management d) Audit is done by predecessor auditor
Anonymous Quiz
16%
a
24%
b
33%
c
27%
d
If the area audited is less material, the auditor may rely solely on ______.
a) Management
b) Analytical Procedures c) Past year audit report d) None of the above
a) Management
b) Analytical Procedures c) Past year audit report d) None of the above
Anonymous Quiz
19%
a
30%
b
38%
c
13%
d
Sample size will be depending on the degree of ____ risk. a) Inherit
b) Control c) Fraud
d) Sampling
b) Control c) Fraud
d) Sampling
Anonymous Quiz
13%
a
20%
b
10%
c
57%
d
If prior period Financial statement has been audited by auditor himself, Apply,
a) SA 560 Subsequent Events
b) SA 500 Audit Evidence c) SA 510 Initial Audit Engagement – Opening Balance d) All of the above
a) SA 560 Subsequent Events
b) SA 500 Audit Evidence c) SA 510 Initial Audit Engagement – Opening Balance d) All of the above
Anonymous Quiz
7%
a
22%
b
29%
c
42%
d
Which of the below mentioned indicators are classified as financial indicators that may cast doubt on going concern assumptions
a)Loss of key management without replacement.
b)In ability to pay creditors on due date c)Non compliance with laws d)None
a)Loss of key management without replacement.
b)In ability to pay creditors on due date c)Non compliance with laws d)None
Anonymous Quiz
21%
a
38%
b
24%
c
16%
d
Whichofthefollowingisnotafeatureofwrittenrepresentation
a) WR is a substitute for normal audit procedures
b) WR is a corroborative audit evidence c) Bothaandb d) Neither a nor b
a) WR is a substitute for normal audit procedures
b) WR is a corroborative audit evidence c) Bothaandb d) Neither a nor b
Anonymous Quiz
17%
a
23%
b
42%
c
17%
d
Who cannot be appointed as an internal auditor?
a) A Chartered accountant
b) Employee c) Cost accountant d) None of the above
a) A Chartered accountant
b) Employee c) Cost accountant d) None of the above
Anonymous Quiz
24%
a
44%
b
18%
c
14%
d