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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.

Standing orders are ________

A Credited in the cash book

B Debited in the cash book

C Entered in the bank statement

D Entered in the petty cash balance

Review Detailed Answer

Correct Answer: Credited in the cash book

An asset posses which of the following?

A Future economic benefits for the business

B All kind of benefits for the business

C Expenses for the business

D Merits and Demerits for the business

Review Detailed Answer

Correct Answer: Future economic benefits for the business

A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

A $2000 will be debited in cash book

B $2000 will be credited in cash book

C $4000 will be debited in cash book

D $4000 will be credited in the cash book

Review Detailed Answer

Correct Answer: $2000 will be credited in cash book

________ is a separate legal entity that Total capital can be divided in many shares.

A Partnership

B Sole proprietorship

C Company

D Non-profit organization

Review Detailed Answer

Correct Answer: Company

Unpresented checks also referred as____________?

A Uncollected checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Outstanding checks

In the Bank reconciliation statement “Deposit in transit” is usually:

A Subtracted from bank balance

B Added to bank balance

C Added to Cash book balance

D Subtracted from cash book balance

Review Detailed Answer

Correct Answer: Added to bank balance

Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

A Cash receipt journal

B Cash payment journal

C Cash book

D Financial statements

Review Detailed Answer

Correct Answer: Cash book

Favorable balance of cash book implies that

A Credit balance of cash book

B Debit balance of cash book

C Bank overdraft

D Adjusted balance of cash book

Review Detailed Answer

Correct Answer: Debit balance of cash book

Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

A Bank charges will be debited in cash book

B Bank charges will be added to cash book balance

C Bank charges will be credited in cash book

D Bank charges need no adjustment in cash book

Review Detailed Answer

Correct Answer: Bank charges will be credited in cash book

Bank reconciliation statement is prepared by____________?

A Accountant of the business

B Manager of the business

C Controller of the bank

D Accountant of the bank

Review Detailed Answer

Correct Answer: Accountant of the business

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Standing orders are ________

An asset posses which of the following?

A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

________ is a separate legal entity that Total capital can be divided in many shares.

Unpresented checks also referred as____________?

In the Bank reconciliation statement “Deposit in transit” is usually:

Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

Favorable balance of cash book implies that

Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

Bank reconciliation statement is prepared by____________?