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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.

The revenues and expenses of a company are displayed in which statement?

A Balance Sheet

B Cash Flow Statement

C Income Statement

D None of the above

Review Detailed Answer

Correct Answer: Income Statement

LIFO stands for__________?

A Lots in , Few out

B Link input, Format Output

C Last input, First Output

D Last in, First Out

Review Detailed Answer

Correct Answer: Last in, First Out

For the business, capital is ____________?

A Expense

B Liability

C financial assets

D All of them

Review Detailed Answer

Correct Answer: financial assets

Cash discount is provided on _______________?

A Purchases

B Prompt payment

C Sales

D Sales return

Review Detailed Answer

Correct Answer: Prompt payment

If the units of normal spoilage are 150 and the total good units manufactured are 1500, then the normal spoilage rate would be __________?

A 14%

B 15%

C 10%

D 12%

Review Detailed Answer

Correct Answer: 10%

An amount of spoilage that is natural in any particular production process is classified as ___________?

A normal scrap

B normal spoilage

C abnormal spoilage

D weighted spoilage

Review Detailed Answer

Correct Answer: normal spoilage

The residual material which results from manufacturing products is called ___________?

A reduced work

B spoilage

C rework

D scrap

Review Detailed Answer

Correct Answer: scrap

The normal spoilage is subtracted from total spoilage to calculate _____________?

A abnormal spoilage

B Gross weighted spoilage

C inventoriable spoilage

D partial spoilage

Review Detailed Answer

Correct Answer: abnormal spoilage

If the transferred out total cost is $1850000 and the number of good units (produced), then the cost per good unit transferred out and completed can be __________?

A 245.1724

B 255.1724

C 278.1724

D 268.1724

Review Detailed Answer

Correct Answer: 245.1724

The production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as ____________?

A reduced work

B spoilage

C rework

D scrap

Review Detailed Answer

Correct Answer: rework

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

The revenues and expenses of a company are displayed in which statement?

LIFO stands for__________?

For the business, capital is ____________?

Cash discount is provided on _______________?

If the units of normal spoilage are 150 and the total good units manufactured are 1500, then the normal spoilage rate would be __________?

An amount of spoilage that is natural in any particular production process is classified as ___________?

The residual material which results from manufacturing products is called ___________?

The normal spoilage is subtracted from total spoilage to calculate _____________?

If the transferred out total cost is $1850000 and the number of good units (produced), then the cost per good unit transferred out and completed can be __________?

The production units that do not meet customer specification, but can be sold to other customers as finished goods are classified as ____________?