E4E5 Cost Records

Cost Accounting Standards Board is established by the council of

• ICWAI
• ICAI
• ICSI
• All of the above

Under Sec 138 of the companies Act 2013 which audit can be called for

• internal audit
• external audit
• tax audit
• All of the above

Cost Accounting Standard 1 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Cost of production for captive consumption

Cost Accounting Standard 2 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Cost of production for captive consumption

Cost Accounting Standard 3 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Cost of production for captive consumption

Cost Accounting Standard 4 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Cost of production for captive consumption

Cost Accounting Standard 5 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Transportation cost

Cost Accounting Standard 6 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Determination of arms lenth price

Cost Accounting Standard 7 deals with

• Classification of Cost
• Capacity determination
• Overheads
• Material Cost

Which of these is not an objective of Cost Accounting?

• Ascertainment of Cost
• Determination of Selling Price
• Cost Control and Cost reduction
• Assisting Shareholders in decision making