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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 closing balance of petty cash book is considered as_________?

A Liability

B Asset

C Expenses

D Income

Review Detailed Answer

Correct Answer: Asset

Identify the nominal account

A Machinery account

B Building account

C Creditors account

D Rent expenses account

Review Detailed Answer

Correct Answer: Rent expenses account

Discount received is recorded on which of the following side of a cash book?

A Receipts

B Payments

C Incomes

D Expenditures

Review Detailed Answer

Correct Answer: Payments

Double entry implies that

A Recording entries in journal

B Recording entries in Ledger account

C Recording two aspects of every transaction

D Recording every transaction in books

Review Detailed Answer

Correct Answer: Recording two aspects of every transaction

Cash book is prepared by____________?

A Bank

B Accountant of business

C Manager of a company

D Bank’s cashier

Review Detailed Answer

Correct Answer: Accountant of business

Net loss occurs when______________?

A Expenses are greater than Income

B Expenses are less than Income

C Expenses=Income

D Liabilities are greater than income

Review Detailed Answer

Correct Answer: Expenses are greater than Income

Cash book records:______________?

A Cash payments

B Cash receipts

C Cash payments and cash receipts

D Neither cash payments nor cash receipts

Review Detailed Answer

Correct Answer: Cash payments

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

A Depreciation

B Drawings

C Outflow of cash

D Appreciation

Review Detailed Answer

Correct Answer: Drawings

An entry which is made on both sides of a cash book is called__________?

A Cash entry

B Contra entry

C Payment entry

D Compound entry

Review Detailed Answer

Correct Answer: Contra entry

Identify the asset from the following:

A Cash and cash equivalent

B Creditors

C Notes payable

D Bank loan

Review Detailed Answer

Correct Answer: Cash and cash equivalent

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

The closing balance of petty cash book is considered as_________?

Identify the nominal account

Discount received is recorded on which of the following side of a cash book?

Double entry implies that

Cash book is prepared by____________?

Net loss occurs when______________?

Cash book records:______________?

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

An entry which is made on both sides of a cash book is called__________?

Identify the asset from the following: