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Management Sciences 5307 MCQs [All-Courses]

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Management Sciences focuses on the planning, organizing, leading, and controlling of resources to achieve organizational goals.This subject is highly important for competitive exams, academic study, and professional careers in the business and public sectors.

All Topics  5307

Journal proper is meant for recording_____________?
A Credit purchase of fixed assets
B Return of goods
C All such transactions for which no special journal has been kept by the business
D None of these
Correct Answer: All such transactions for which no special journal has been kept by the business
Which of the following is true?
A Error of casting affects personal accounts
B Omission of a transaction from a subsidiary record affects only one account
C Error of carry forward affects two accounts
D Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Correct Answer: Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue
Which of the following errors is an error of omission?
A Sale of ` 100 was recorded in the Purchases Journal
B Wages paid to Mohan have been debited to his account
C The total of the sales journal has not been posted to the Sales Account
D Repairs to buildings have been debited to buildings account
Correct Answer: The total of the sales journal has not been posted to the Sales Account
During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
A The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
Correct Answer: The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
The concept of conservatism will have the effect of______________?
A Overstatement of Assets
B Understatement of Assets
C Overstatement of Liabilities
D Understatement of Liabilities
Correct Answer: Understatement of Assets
Buildings account is debited with an amount towards repairs. This is an example of?
A Error of commission
B Error of principle
C Error of omission
D Compensating error
Correct Answer: Error of principle
The amount payable to a person as consideration for the use of rights vested in him is
A Dividend
B Royalty
C Purchase consideration
D Installment
Correct Answer: Royalty
Which of the following methods is not a practical way of realizing revenue?
A Delivery method
B Percentage-of-completion method
C Production method
D Moving average method
Correct Answer: Moving average method
Which of the following assets is/are to be valued at the lower of cost and net realizable value?
A Goodwill
B Inventories
C Investments
D Both B. and C. above.
Correct Answer: Inventories
Closing stock is generally valued at______________?
A Cost Price
B Market Price
C Cost price or Market price whichever is higher
D Cost price or Market price whichever is lower
Correct Answer: Cost price or Market price whichever is lower
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