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
REVISE WITH CONCEPTS
CA Inter IDT Rapid Revision Nov 2023
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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
WhatsApp study group - https://chat.whatsapp.com/E6JFiZLLR3RFmZnn96qWXD
Telegram Channel(exclusively for MCQ practice) - https://t.me/study_cab
For Demo & free lectures - youtube.com/@studycab7040
👍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.
60) Consideration of number and location of branches, requirements of financial reporting framework and expected time of completion are relevant factors primarily for which of the following -
Anonymous Quiz
26%
(a) Developing audit plan
33%
(b) Establishing overall audit strategy
24%
(c) Designing audit programme
17%
(d) Designing risk assessment procedures
61) Which of the following is true regarding materiality?
Anonymous Quiz
25%
(a) It is unaffected by nature of an item.
29%
(b) It is unaffected by requirements of law or regulations.
14%
(c) It is not a matter of professional judgment.
32%
(d) It is not always a matter of relative size.
62) _______________ are needed to support the functioning of_________________
Anonymous Quiz
32%
(a) General IT Controls ; Application Controls
33%
(b) Application Controls ; General IT Controls
23%
(c) IT Dependent Controls ; General IT Controls
12%
(d) Application Controls ; IT Dependent Controls
63) Which of the following Audit testing methods is most effective as an audit test and gives the best audit evidence ?
Anonymous Quiz
20%
(a) Inquiry
25%
(b) Observation
43%
(c) Inspection
13%
(d) Reperformance
64) _______________ is a logical subsystem within a larger information system where electronic data is stored in a predefined form and retrieved for use.
Anonymous Quiz
18%
(a) Data Mining
20%
(b) Data warehouse
41%
(c) Database
20%
(d) Data Analytics
65) _____________is the combination of processes, tools and techniques that are used to tap vast amounts of electronic data to obtain meaningful information:-
Anonymous Quiz
27%
(a) Computer Assisted Audit Techniques
20%
(b) Automated Controls
48%
(c) Data Analytics
6%
(d) Combination Controls