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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.

Under which of the following situations, is journal entry not passed in the books of the drawer?

A When a discounted bill is honoured by the drawee on the due date

B When a bill is sent to the bank for collection

C When a bill is renewed at the request of the drawee

D When a debtor accepts a bill drawn by the drawer

Review Detailed Answer

Correct Answer: When a discounted bill is honoured by the drawee on the due date

The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to

A Discounting of the bill with the bank

B Payment of the bill on due date

C Remitting or receiving the amount

D Sending the bill to bank for collection

Review Detailed Answer

Correct Answer: Remitting or receiving the amount

The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by

A The drawer of the bill

B The person responsible for dishonour

C The holder of the bill

D The endorser of the bill

Review Detailed Answer

Correct Answer: The person responsible for dishonour

When bill discounted with the bank is dishonored?

A Acceptor‘s Account is debited in the books of drawer

B Bills Receivable Account is credited in the books of drawer

C Bank Account is debited in the books of drawer

D Bills Payable Account is debited in the books of drawer

Review Detailed Answer

Correct Answer: Acceptor‘s Account is debited in the books of drawer

A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

A 30th June,2018

B 1st July,2018

C 4th July,2018

D 4th August,2018

Review Detailed Answer

Correct Answer: 4th July,2018

Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

A 50,000

B 55,000

C 60,000

D 65,000

Review Detailed Answer

Correct Answer: 60,000

Arrangement of Balance Sheet in a logical order is known as __________?

A Dressing Balance Sheet

B Marshalling Balance Sheet

C Formatting Balance Sheet

D Make up of Balance Sheet

Review Detailed Answer

Correct Answer: Marshalling Balance Sheet

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission

A 6441

B 5431

C 7150

D 5876

Review Detailed Answer

Correct Answer: 7150

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.

A 6441

B 5431

C 7654

D 9876

Review Detailed Answer

Correct Answer: 6441

Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

A 2,40,000

B 2,10,000

C 2,00,000

D 1,80,000

Review Detailed Answer

Correct Answer: 2,40,000

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Under which of the following situations, is journal entry not passed in the books of the drawer?

The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to

The noting charges levied on dishonour of an endorsed bill by the Notary Public are to be borne by

When bill discounted with the bank is dishonored?

A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?

Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

Arrangement of Balance Sheet in a logical order is known as __________?

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission

From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.

Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.