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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.

Which of the following error results in unadjusted cash book balance?

A Outstanding checks

B Unpresented checks

C Deposit in transit

D Omission of Bank charges

Review Detailed Answer

Correct Answer: Outstanding checks

Liability are arisen from which of the following events?

A Present event

B Future event

C Past event

D None of them

Review Detailed Answer

Correct Answer: Past event

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.

A Adjusted

B Unadjusted

C Understated

D Overstated

Review Detailed Answer

Correct Answer: Adjusted

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

A Possessed

B Owned

C Controlled

D Used

Review Detailed Answer

Correct Answer: Controlled

Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.

A $500 will be debited

B $500 will be credited

C Non-adjustable

D $1000 will be subtracted

Review Detailed Answer

Correct Answer: $500 will be credited

The gross decrease in economic benefits for the business are what?

A Expenses

B Obligations

C Creditors

D Income or gain

Review Detailed Answer

Correct Answer: Expenses

___________ are checks that are issued by the business but not yet presented to bank

A Uncollected checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Outstanding checks

________ is the gross inflow of economic benefits?

A Assets

B Liabilities

C Income

D Expenses

Review Detailed Answer

Correct Answer: Income

Uncollected checks also referred as______________?

A Unpresented checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Uncredited checks

Liabilities are which of the following?

A Resources

B Obligations

C Future benefits

D Expenses

Review Detailed Answer

Correct Answer: Obligations

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Which of the following error results in unadjusted cash book balance?

Liability are arisen from which of the following events?

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.

The gross decrease in economic benefits for the business are what?

___________ are checks that are issued by the business but not yet presented to bank

________ is the gross inflow of economic benefits?

Uncollected checks also referred as______________?

Liabilities are which of the following?