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WorksheetsMCQs on Cost Audit 2
Total questions: 25
Worksheet time: 13mins
Every company shall maintain cost records in form
CRA-1
CRA-2
CRA-3
CRA-4
The cost records shall be maintained on regular basis in such manner as to facilitate calculation of per unit cost of production or cost of operations, cost of sales and margin for each of its products and activities for every financial year on monthly or quarterly or half-yearly or annual basis.
True
False
The cost records shall be maintained to exercise, as far as possible for
Control over the various operations
Control over the costs to achieve optimum economies
Utilisation of resources
All of the above
Cost records shall also provide necessary data which is required to be furnished under these rules.
True
False
The Company is engaged in the production of the goods or providing services, specified in the tables and have an overall turnover from all its products and services of rupees___________
35 Crore
350 Crore
25 Crore
15 Crore
Nothing contained in this cost records rule shall apply to a company which is classified as a
Micro enterprise
small enterprise
both a and B
None of these
Cost Audit shall be done by a
Senior Accountant
Chief Accountant
Cost Accountant
Financial Accountant
Consent Letter and Eligibility Certificate shall be provided by
Cost Auditor
Board of Directors
Cost Accountants
Court of Law
No person appointed under section _________as an auditor of the company shall be appointed for conducting the audit of cost records
149
139
159
169
Cost Auditor shall be appointed by the Board within ________days from the commencement of financial year.
190
150
180
90
Remuneration of Cost Accountant shall be determined by the
Board of members
Cost Auditor
Shareholder
Directors
The cost statements, including other statements to be annexed to the cost audit report, shall be approved by the
Cost Auditors
Cost Accountants
Board of Directors
Audit committee
The report on the audit of cost records shall be submitted by the cost accountant to the Board of Directors of the company within a period of
90 Days
120 Days
180 Days
190 Days
A company shall within _________ days from the date of receipt of a copy of the cost audit report shall furnish the Central Government with such report along with full information and explanation on every reservation or qualification contained therein.
45
30
90
180
Every cost auditor appointed as such shall continue in such capacity till the expiry of _______days from the closure of the financial year or submission of cost audit report, for the financial year for which he has been appointed.
45
30
90
180
Every company specified in item (A) of rule 3 shall get its cost records audited if the overall annual turnover of the company from all its products and services during the immediately preceding financial year is
30 Crore
50 Crore
100 Crore
80 Crore
CRA-1 is used for
Appointment of cost auditor
Format of cost audit report
Format of Cost Audit Report
Submission of Report
CRA-2 is used in
Format of cost audit records
Appointment of cost auditor
Format of cost audit report
Submission of cost audit report
Cost and Works Accounts belong to
1959
1969
1979
1939
Cost accountant can be
an individual
a firm
limited liability partnership
All of the above
Duly signed report on the cost records examined and cost statements known as
Auditor's report
Cost Audit Report
General cost report
Auditors opinion
Books of account relating to utilisation of materials, labour and other items of cost known as
Cost Statement
Cost Records
Cost Accounting
Cost Book Keeping
CARO stands for
Company Authorized Report Order
Company Auditors Report Order
Client Authentication Report Order
Company Authentication Reorder
Latest CARO is
CARO 2020
CARO 2019
CARO 2016
CARO 2021
Which one is not the element of CARO
Details of tangible and intangible assets
Details of inventory and working capital
Details on Financial Debts
Funds raised and Utilisation
