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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

The main objective of providing depreciation is to?
A Calculate the true profit
B Show the true financial position in the Balance Sheet
C Provide funds for replacement of fixed assets
D Both A. and B. above
Correct Answer: Show the true financial position in the Balance Sheet
Which of the following statements best describes the purpose of depreciation?
A Regular reduction of asset value to correspond to changes in market value as the asset ages
B A process of correlating the market value of an asset with its gradual decline in physical efficiency
C Allocation of cost in a manner that will ensure that Plant and Equipment items are not carried on the Balance Sheet in excess of net realizable value
D Allocation of the cost of an asset to the periods in which services are received from the asset
Correct Answer: Allocation of the cost of an asset to the periods in which services are received from the asset
Which of the following is true with respect to providing depreciation under diminishing balance method?
A The amount of depreciation keeps increasing every year while the rate of depreciation keeps decreasing
B The amount of depreciation and the rate of depreciation decrease every year
C The amount of depreciation decreases while the rate of depreciation remains the same
D The amount of depreciation and the rate of depreciation increases every year
Correct Answer: The amount of depreciation decreases while the rate of depreciation remains the same
A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?
A Loss of 20,000
B Loss of 22,000
C Loss of 11,000
D Profit of 11,000
Correct Answer: Loss of 22,000
A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?
A 20,000 Loss
B 20,000 Profit
C 10,000 Loss
D 10,000 Profit
Correct Answer: 20,000 Loss
Which of the following is not a method of charging depreciation?
A Straight line Method
B Written down value Method
C Discounted present value Method
D Sum of digits Method
Correct Answer: Discounted present value Method
Provision is created for____________?
A Unknown Liabilities
B Known Liabilities
C Creation of Secret Reserves
D All the Three
Correct Answer: Known Liabilities
Which of the following is not a cause of difference in balance as per cash book and balance as per bank pass book___________?
A Errors in cash book
B Errors in pass book
C Cheques deposited and cleared
D Cheques issued but not presented for payment
Correct Answer: Cheques deposited and cleared
Debit balance as per bank pass book mean_____________?
A Surplus cash
B Bank Overdraft
C Terms deposits with bank
D None of these
Correct Answer: Bank Overdraft
Benefits of preparing Bank Reconciliation Statement includes___________?
A It bring out any errors committed in preparation of Cash book / Bank Pass Book
B Highlights under delay in clearance of cheques deposited but not credited
C Help know actual bank balance
D All the three
Correct Answer: All the three
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