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Management Sciences 5307 MCQs [All-Courses]

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.

Which of the following is true regarding closing entries?

A They must be followed by reversing entries

B They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account

C They must be made after the reversing entries but before the adjusting entries

D They must be made after the adjusting entries but before the reversing entries

Review Detailed Answer

Correct Answer: They must be made after the adjusting entries but before the reversing entries

Which of the following statements is/are true ?

A A sale of an asset is recorded in the Sales Book

B Total of Return Outward Book is debited to Return Outward Account

C The balance of Petty Cash Book is a liability

D Cash Book is a subsidiary book as well as a ledger

Review Detailed Answer

Correct Answer: Cash Book is a subsidiary book as well as a ledger

Amount paid to Masood posted to the credit side of his account would affect___________?

A Masood’s account

B Cash account

C Cash account and Gagan’s account

D None of these

Review Detailed Answer

Correct Answer: Masood’s account

Total depreciation of an asset cannot exceed its:

A Scrap value

B Residual value

C Market value

D Depreciable value

Review Detailed Answer

Correct Answer: Depreciable value

A chart of accounts generally start with which of the following types of accounts?

A Assets accounts

B liability accounts

C Cash accounts

D Revenue accounts

Review Detailed Answer

Correct Answer: Assets accounts

The first step in accounting process is___________?

A Recording the transaction

B Identifying the transaction

C Posting the transaction

D Preparing the source documents

Review Detailed Answer

Correct Answer: Identifying the transaction

Discount for quick repayment of debt is normally referred as____________?

A Trade discount

B Prompt payment discount

C Cash discount

D Bulk discount

Review Detailed Answer

Correct Answer: Cash discount

Which of the following accounts will be credited if a company purchases building for cash?

A Capital account

B Fixed assets account

C Building account

D Cash account

Review Detailed Answer

Correct Answer: Cash account

In which of the following orders data is entered in journal?

A Alphabetical order

B Numeric order

C Bullets order

D Chronological order

Review Detailed Answer

Correct Answer: Chronological order

The standard format of journal does not include which of the following?

A Assets column

B Date column

C Description column

D Amount column

Review Detailed Answer

Correct Answer: Assets column

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Which of the following is true regarding closing entries?

Which of the following statements is/are true ?

Amount paid to Masood posted to the credit side of his account would affect___________?

Total depreciation of an asset cannot exceed its:

A chart of accounts generally start with which of the following types of accounts?

The first step in accounting process is___________?

Discount for quick repayment of debt is normally referred as____________?

Which of the following accounts will be credited if a company purchases building for cash?

In which of the following orders data is entered in journal?

The standard format of journal does not include which of the following?