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MCQ on Cost Accounting Records

1. Cost Accounting Standard is related to bringing uniformity and consistency in the principles and methods of determining the selling and distribution overheads with reasonable accuracy.
(A) 10
(B) 12
(C) 15
(D) 4

2. Which one is not the objective of Cost Accounting Standards ?
(A) To bring uniformity and consistency in the principles and methods
(B) To help industry and the Government towards better cost management
(C) To control accounting policies of companies so as to protect investors’ interest
(D) To determine the pollution control costs with reasonable accuracy

3. Section of the Companies Act, 2013 gives the cost auditor the same power as the financial auditor has under the section of the Companies Act, 2013.
(A) 148, 143
(B) 143, 148
(C) 147, 148
(D) 143, 144

4. The objective of CAS-1 is
(A) Collection, allocation, apportionment, and absorption of over-heads
(B) Determination of capacity
(C) Preparation of cost statement
(D) Determination of average / equal¬ized transportation cost

5.

6. Which section of the Companies Act, 2013 deals with an audit of cost accounting records –
(A) Section 158
(B) Section 148
(C) Section 168
(D) Section 139

7. Which one of the following is not a statistical technique of cost audit —
(A) Monte-Carlo simulation
(B) Inter-firm comparison
(C) Network analysis
(D) Exponential smoothing

8. Which of the following is an objective to be achieved through Cost Accounting Standards –
(A) To assist cost accountants in the preparation of uniform cost statements
(B) To provide better guidelines on standard cost accounting practices
(C) To help Indian industry and the Government towards better cost management
(D) All of the above

9. The chief objective of cost accounting is to:
(A) Earn more profit
(B) Increase production
(C) Provide information for management for planning and control
(D) Fix the price

10. The functions of a cost auditor involve ______.
(A) Examining the inventory records
(B) Capacity utilization
(C) Proper utilization of labor
(D) All of the above

11. The branch of accounting which primarily deals with processing and accounting data for internal use in concern is:
(A) Financial accounting
(B) Cost accounting
(C) Management accounting
(D) None of the above

12. A good costing system gives equal emphasis on cost ascertainment and cost
(A) Reduction
(B) Control
(C) Maximization
(D) None of the above

13. Management Accounting and Cost Accounting are to each other.
(A) Complementary
(B) Supplementary
(C) Opposite
(D) Independent

14. The social purpose of cost audit is:
(A) Detection of errors and frauds
(B) Facilitating the fixation of prices of goods and services
(C) Promoting corporate governance
(D) Inculcation of cost-consciousness

15. Cost accounting differs from financial accounting in respect of:
(A) Recording Cost
(B) Ascertaining Cost
(C) Control of Cost
(D) Reporting of Cost

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