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WorksheetsMCQs on Cost Audit 1
Total questions: 18
Worksheet time: 10mins
Which one is not the objective of cost audit?
Controls fraud
Would save your organization
constructs vibrant organizational image
Make the human resources effective
Who are most associated with the cost audit?
Investors
Government
Employee
Customers
Stakeholders
What is the first procedure for cost audit?
Risk Assessment
Review and Procedures
Understanding the entity
Finding sufficient Evidence
What is the first procedure for risk based approach to fraud detection?
Fraud risk assessment
Fraud risk factors
Audit procedure
Fraud detection
The Enron scandal was associated with the
American investors
Indian Investors
Australian Investors
Japaneses Investors
Enron scandal was done through
Keeping losses off the balance sheet
Misstatement in the tax calculations
Keeping huge debts off the balance sheet
Showing overstated profits
How Waste Management Scandal came in to existance?
Keeping huge debts off the balance sheet
Showing overstated values of assets in the balance sheet
Keeping their losses off the P&L
Falsely increased the depreciation time length
Worldcom Scandal belongs to
Telecommunication
Information Technology
Automobile sector
Hotel Industry
Right full form of the PWC is
Price Water and Coopers
Price Waterhouse Coopers
Price Waterhouse and Coopers & Lybrand
Price Waterhouse Corporation
Which audit firm was associated with Satyam Scandal
KPMG
PWC
Deloitte
Ernst & Young
Lehman Brothers belongs to
Financial Services Firm
IT firm
Telecommunication
Petroleum
Which is/are the objective of cost audit?
Systematic and accurate verification of the cost accounts and records
Checking of adherence to the objectives of the cost accounting
Both
Process for verifying the cost of manufacture or production of any article is known as
Cost Accounting
Financial Accounting
Financial Audit
Cost Audit
Cost audit is the verification of the correctness of cost accounts and of the adherence to the cost accounting plan.
True
False
Cost audit is the verification of the correctness of cost accounts and of the adherence to the cost accounting plan.
True
False
ICWAI stands for
International Council for Works Accounts Initiatives
Institute of Cost & Works Accounts in India
Indian Council for Cooperative Works Authority
None of these
A systematic examination of cost accounts to verify correctness of cost accounting records.
Financial audit
Management audit
Cost audit
Sociai audit
Which is not the objective of cost audit?
Establish the accuracy of costing data
Verifying the arithmetical accuracy of cost accounting
Give training to the cost accountant
Ensure that cost accounting principles are governed by the management objectives
