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Management Sciences 5307 MCQs [All-Courses]

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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.

All Topics  5307

If actual bad debts are more than the provision for bad debts, then there will be a_____________?
A Credit balance of Provision for Bad Debts Account
B Debit balance of Provision for Bad Debts Account
C Debit balance of Bad Debts Account
D Debit balance of Discount on Debtors Account
Correct Answer: Debit balance of Provision for Bad Debts Account
Which of the following is not classified as inventory in the financial statements?
A Finished goods
B Work-in-process
C Stores and spares
D Advance payments made to suppliers for raw materials
Correct Answer: Advance payments made to suppliers for raw materials
Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
A Written down to zero or its scrap value
B Shown in the Balance Sheet at its replacement cost
C Shown in the Balance Sheet at cost, but classified as a non-current asset
D Carried in the accounting records at cost until it is sold
Correct Answer: Written down to zero or its scrap value
If a company has contingent liabilities, they appear in the__________?
A Balance Sheet
B Directors‘ report
C Notes on account to Balance Sheet
D Chairman‘s report
Correct Answer: Balance Sheet
Payments received in advance from a customer for a contract can be__________?
A Shown as a deduction from contract work-in-progress on asset side
B Shown as a liability
C Credited to P&L A/c
D Either A or B above
Correct Answer: Either A or B above
Investment in own share A/c appears in____________?
A Asset side
B Liability side
C Netted from Capital
D Profit & Loss A/c
Correct Answer: Asset side
Tax deducted at source A/c appears in___________?
A Assets side
B Liability side
C Profit & Loss A/c
D Debited to Capital A/c
Correct Answer: Assets side
Cost of goods sold excludes___________?
A Opening Stock
B Carriage inward
C Wages & Salary
D Postage & Stamps
Correct Answer: Postage & Stamps
When a person purchasing goods on credit he becomes a_________in the books of the seller?
A Debtor
B Creditor
C Defaulter
D Offender
Correct Answer: Debtor
The entry for creating a Provision for bad debts is_____________?
A Debit Provision for Bad Debts A/c and credit Debtors A/c
B Debit Debtors A/c and credit Provision for Bad Debts A/c
C Debit Provision for Bad Debts A/c and credit Profit & Loss A/c
D Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
Correct Answer: Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
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