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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.

$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

A $5000 will be credited

B $5000 will be debited

C $10,000 will be credited

D $10,000 will be debited

Review Detailed Answer

Correct Answer: $5000 will be credited

What is equity?

A Cash from the business

B liability of a business

C Owner’s claim on total assets

D Owner’s claim on total liabilities

Review Detailed Answer

Correct Answer: Owner’s claim on total assets

A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book

A $1000 will be added to cash book balance

B $2000 will be deducted from cash book balance

C $3000 will be added to cash book balance

D $3000 will be subtracted from cash book balance

Review Detailed Answer

Correct Answer: $3000 will be subtracted from cash book balance

Which of the following is a liability?

A Cash

B Equipment

C Debtors

D Creditors

Review Detailed Answer

Correct Answer: Creditors

Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.

A $2,000

B Zero

C $3,000

D $2,500

Review Detailed Answer

Correct Answer: $2,000

What is the basic accounting equation?

A Capital+Liabilities=Assets

B Assets+ liabilities =Capital

C Capital+assets=liabilities

D Liabilities+Capital

Review Detailed Answer

Correct Answer: Capital+Liabilities=Assets

Favorable balance of bank statement implies that

A Credit balance

B Debit balance

C Bank overdraft

D Adjusted balance

Review Detailed Answer

Correct Answer: Credit balance

Which is the most important characteristic that all assets of a business have?

A Long life of assets

B Value of assets

C Intangible nature of assets

D Future economic benefits

Review Detailed Answer

Correct Answer: Future economic benefits

_________ Checks that are presented to bank but not yet credited by the bank.

A Unpresented checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Uncredited checks

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

A Identifying transactions

B Preparing “T Accounts”

C Preparing financial statements

D Preparing trial balances

Review Detailed Answer

Correct Answer: Preparing financial statements

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

What is equity?

A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book

Which of the following is a liability?

Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.

What is the basic accounting equation?

Favorable balance of bank statement implies that

Which is the most important characteristic that all assets of a business have?

_________ Checks that are presented to bank but not yet credited by the bank.

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?