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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 account with normal balance is shown at the debit side of a trial balance?

A Rent income account

B Creditors account

C Unearned income account

D Cash account

Review Detailed Answer

Correct Answer: Cash account

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

A Arithmetic accuracy

B Errors of commission

C Omissions of economic events

D Understatements of balances

Review Detailed Answer

Correct Answer: Arithmetic accuracy

Which of the following will affect the agreement of a trial balance?

A Complete omission of a transaction

B Partial omission of a transaction

C Error of principle

D Compensating errors

Review Detailed Answer

Correct Answer: Partial omission of a transaction

Trial balance is commonly prepared?

A Frequently during the year

B At the end of an accounting period

C At the end of a month

D At the end of a year

Review Detailed Answer

Correct Answer: At the end of an accounting period

Debit balance = Credit balance in a trial balance indicates that:

A No error in recording transactions

B No error in posting entries to ledger accounts

C Account balances are correct

D Mathematically Capital+Liabilities=Assets

Review Detailed Answer

Correct Answer: Mathematically Capital+Liabilities=Assets

Which of the following is true about a trial balance?

A It lists down the balances of accounts

B It lists down the balances of a balance sheet

C It is a kind of financial statement

D It is not a part of accounting cycle

Review Detailed Answer

Correct Answer: It lists down the balances of accounts

________ is the common base for preparing a trial balance?

A Ledger accounts

B General Journal

C Specialized journals

D Balance sheet

Review Detailed Answer

Correct Answer: Ledger accounts

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

A Yes

B No

C Transactions can’t be omitted

D none of these

Review Detailed Answer

Correct Answer: No

Trial balance is prepared to check accuracy of_______________?

A Ledger accounts balances

B Balance sheet balances

C Income statement balances

D Cash flow statement balances

Review Detailed Answer

Correct Answer: Ledger accounts balances

Institute of Chartered Accountants of Pakistan was established in____________?

A 1949

B 1956

C 1961

D 1972

Review Detailed Answer

Correct Answer: 1961

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Which of the following account with normal balance is shown at the debit side of a trial balance?

If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.

Which of the following will affect the agreement of a trial balance?

Trial balance is commonly prepared?

Debit balance = Credit balance in a trial balance indicates that:

Which of the following is true about a trial balance?

________ is the common base for preparing a trial balance?

If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?

Trial balance is prepared to check accuracy of_______________?

Institute of Chartered Accountants of Pakistan was established in____________?