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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.

In accounting an Economic event is referred to as:

A Cash

B Bank statement

C Transaction

D Exchange of money

Review Detailed Answer

Correct Answer: Transaction

Credit memo or credit note No. is entered in which of the following journal?

A General journal

B Cash journal

C Purchase journal

D Sales return day book

Review Detailed Answer

Correct Answer: Sales return day book

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?

A Cash receipts journal

B Cash payments journal

C Sales journal

D Purchase journal

Review Detailed Answer

Correct Answer: Cash payments journal

Which of the following is known as an evidence that a transaction took place?

A Cash receipts journal

B General journal

C Source document

D Cash book

Review Detailed Answer

Correct Answer: Source document

Specialized journals are more adequate for which TYPE OF BUSINESSES?

A Small businesses

B Big businesses

C Sole proprietorship

D Partnership

Review Detailed Answer

Correct Answer: Big businesses

Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

A Purchase journal

B Sales return journal

C General journal

D Cash receipt journal

Review Detailed Answer

Correct Answer: Sales return journal

SALE of old furniture” will be recorded in which of the following specialised journals?

A Purchase journal

B Sales journal

C General journal

D Cash receipt journal

Review Detailed Answer

Correct Answer: General journal

Debit note is the basis for recording a transaction in which of the following journals?

A General journal

B Cash journal

C Purchase journal

D Purchase return journal

Review Detailed Answer

Correct Answer: Purchase return journal

Credit purchase of plant and machinery is recorded in which of the following journals?

A General journal

B Cash journal

C Purchase journal

D Purchase return journal

Review Detailed Answer

Correct Answer: General journal

A brief explanation recorded below every entry in general journal is commonly known as__________?

A Narration

B Explanation

C Summary

D Other information

Review Detailed Answer

Correct Answer: Narration

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

In accounting an Economic event is referred to as:

Credit memo or credit note No. is entered in which of the following journal?

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?

Which of the following is known as an evidence that a transaction took place?

Specialized journals are more adequate for which TYPE OF BUSINESSES?

Credit note is the basis for recording a transaction in which of the following SPECIALIZED journals?

SALE of old furniture” will be recorded in which of the following specialised journals?

Debit note is the basis for recording a transaction in which of the following journals?

Credit purchase of plant and machinery is recorded in which of the following journals?

A brief explanation recorded below every entry in general journal is commonly known as__________?