Foundation Fundamentals of Financial and Cost Accounting Quiz

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Questions and Answers

What year was The Institute of Cost Accountants of India set up under an Act of Parliament?

  • 1965
  • 1980
  • 1972
  • 1959 (correct)

What is the primary obligation of The Institute of Cost Accountants of India?

  • Enrols students for legal courses
  • Provides coaching facilities to medical students
  • Conducts research in the field of Astrophysics
  • Regulates the profession of Cost and Management Accountancy (correct)

What specialized knowledge do the professionals associated with The Institute of Cost Accountants of India possess?

  • Conducting psychological counseling
  • Performing heart surgeries
  • Developing software applications
  • Evaluating operating efficiency and strategic management (correct)

What vision does The Institute of Cost Accountants of India pursue?

<p>Cost competitiveness, cost management, efficient use of resources and structured approach to cost accounting (A)</p> Signup and view all the answers

When was The Institute of Cost Accountants of India established?

<p>1959 (B)</p> Signup and view all the answers

What is the current emphasis in the profession associated with The Institute of Cost Accountants of India?

<p>Management of resources (B)</p> Signup and view all the answers

What is the primary obligation of The Institute of Cost Accountants of India?

<p>Regulating the profession of Cost and Management Accountancy (B)</p> Signup and view all the answers

What is the vision pursued by The Institute of Cost Accountants of India?

<p>Cost competitiveness, cost management, efficient use of resources, and structured approach to cost accounting (C)</p> Signup and view all the answers

What do the professionals regulated by The Institute of Cost Accountants of India specialize in?

<p>Cost and Management Accountancy (C)</p> Signup and view all the answers

What does The Institute of Cost Accountants of India emphasize in the current context?

<p>Management of resources, evaluating operating efficiency, and strategic management (B)</p> Signup and view all the answers

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