41) In a process 8000 units are introduced during a period. 5% of input is normal loss. Closing work in progress 60% complete is 1000 units. 6600 completed units are transferred to next process. Equivalent production for the period is:
Anonymous Quiz
17%
9000 units
18%
7440 units
30%
5400 units
35%
7200 units
P/V Ratio will increase if the
Anonymous Quiz
17%
There is a decrease in fixed cost
16%
There is an increase in fixed cost
24%
There is a decrease in selling price per unit
43%
There is a decrease in variable cost per unit.
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Join our rapid revision series and let's crack this attempt together with the help of our expert faculties.
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43) The main purpose of accounting of joint products and by-products is to
Anonymous Quiz
50%
determine the profit/loss on each product line.
12%
determine the selling price
5%
comply with the statutory requirements.
33%
identify the cost and load it on the main product.
44) Joint Cost is suitable for
Anonymous Quiz
54%
Oil Industry
13%
Fertilizer Industry
14%
Ornament Industry
19%
Infrastructure Industry
45) For reducing the labour cost per unit, which of the following factors is the most important?
Anonymous Quiz
23%
Low wage rates
17%
Longer hours of work
37%
Higher input-output ratio
23%
Strict control and supervision
46) Which of the following items is not included in preparation of cost sheet?
Anonymous Quiz
10%
Carriage inward
10%
Purchase returns
17%
Sales commission
64%
Interest paid
47) Warehouse expense is an example of
Anonymous Quiz
33%
Production overhead
12%
Administration overhead
18%
Selling overhead
37%
Distribution overhead
48) Z Ltd. is planning to sell 1,00,000 units of product A for 12.00 per unit. The fixed costs are 2,80,000. In order to realize a profit of 2,00,000, what would the variable costs be?
Anonymous Quiz
13%
4,80,000
74%
7,20,000
5%
9,00,000
8%
9,20,000
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CA Inter IDT Rapid Revision Nov 2023
Finish IDT in 3 days with practicing MCQs & exam questions
Practicing questions = Secure exemption
Starts on 29 Sep 👉 Join now
Sep 29, 30 & Oct 6 👉 10am to 5pm
Lets crack it together
Book your seat now
Connect us on - 9746 8080 15
Our Major links
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👍2
49) standard cost of material for a given quantity of output is 15,000 while the actual cost of material used is 16,200. The material cost variance is:
Anonymous Quiz
74%
1,200 (A)
13%
16,200 (A)
10%
15,000 (F)
3%
31,200 (A)
🥰2👍1
50) Cost of idle time arising due to non availability of raw material is
Anonymous Quiz
47%
Charged to costing profit and loss a/c
30%
Charged to factory overheads
10%
Recovered by inflating the wage rate
13%
Ignore
🥰2
51) Which of the following is not type of engagement standard?
Anonymous Quiz
24%
A) Standards on Auditing
30%
B) Standard on Quality Control
21%
C) Standards on Review Engagement
24%
D) Standards on Assurance Engagement
With reference to SA 300, the auditor shall document:
Anonymous Quiz
10%
A) The overall audit strategy
24%
B) The audit plan
15%
C) Any significant changes made during the audit engagement to the overall audit strategy
52%
D) All of the above
The basic requirement which is absent is auditing is
Anonymous Quiz
10%
A) Exact accounts
12%
B) Certainly in financial statements
22%
C) Conclusive evidence
56%
D) All of the above
54) The management of company has engaged CA P to issue a duly signed report for
half year. Which of the following standards, if any, issued by ICAI are relevant for CA
P?
half year. Which of the following standards, if any, issued by ICAI are relevant for CA
P?
Anonymous Quiz
16%
(a) Standards on Review Engagements
39%
(b) Standards on Auditing
22%
(c) Standards on Related Services
22%
(d) There are no standards for issuing report in such situation.
👍2
55) Which of the following is not considered in planning an audit generally?
Anonymous Quiz
16%
(a) Understanding of legal and regulatory framework of an entity
12%
(b) Need to consider determination of materiality
36%
(c) Evaluating audit evidence
36%
(d) Need to consider involvement of expert
👍1
56) ____________ along with other disciplines such as accounting and law, equips you with all the knowledge that is required to enter into auditing as a profession
Anonymous Quiz
64%
(a) Auditing
16%
(b) Taxation
11%
(c) Finance
9%
(d) Law
57) No business or institution can effectively carry on its activities without the help of proper..............................:
Anonymous Quiz
23%
(a) Audit
35%
(b) Record and accounts
11%
(c) neither (a) nor
31%
(b) (d) both (a) and (b)
58) An employee of Fruits and Vegetables Limited was of the opinion that auditor of a company is required to express an opinion. On which one of the following the auditor of a company is required to express an opinion:
Anonymous Quiz
12%
(a) Only Balance Sheet of the Company.
67%
(b) Financial Statements of the Company.
12%
(c) Only Profit and Loss Account of the Company.
8%
(d) Only Cash Flow Statement of the Company.
59) Auditor is fact checking about promoters and key managerial persons. She is also
considering competence of staff to perform engagement. What is she trying to do?
considering competence of staff to perform engagement. What is she trying to do?
Anonymous Quiz
8%
(a) She is establishing audit strategy.
49%
(b) She is conducting preliminary engagement activities.
26%
(c) She is designing audit plan.
18%
(d) She is checking her compliance of ethical requirements.