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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

Obligation of the Business are known as___________?
A Liabilities
B Revenues
C Expenses
D Assets
Correct Answer: Liabilities
The amount invested by the proprietor to start the business is called:
A Capital
B Business
C Drawings
D All of them
Correct Answer: Capital
Discount received is a/an:
A Asset
B Expense
C Liability
D Revenue
Correct Answer: Revenue
Double entry means______________?
A Entry in two sets of books
B Entry at two ends
C Entry at two dates
D Entry for two aspects of the transaction
Correct Answer: Entry for two aspects of the transaction
The person to whom goods are sold on credit is called___________?
A Buyer
B Seller
C Debtor
D Creditor
Correct Answer: Debtor
Modern system of book keeping is called______________?
A Double entry system
B American system
C Single entry system
D Italic system
Correct Answer: Double entry system
Goods Return by the customer are termed as :
A Purchase return
B Customer return
C Sales return
D Inventory return
Correct Answer: Sales return
The maintenance of accounts in a systematic way is called__________?
A Accounting
B Reading
C Book Keeping
D Auditing
Correct Answer: Book Keeping
An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A Accounting
B Accountancy
C Auditing
D Book Keeping
Correct Answer: Accounting
A systematic way to maintain the books of accounts is called_________?
A Accountancy
B Economics
C Book Keeping
D Auditing
Correct Answer: Book Keeping
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