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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.

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

A Error of principle

B Error of commission

C Error of omission

D Error of duplication

Review Detailed Answer

Correct Answer: Error of principle

A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

A Error of omission

B Error of commission

C Compensating error

D Error of principle

Review Detailed Answer

Correct Answer: Error of commission

The systems of accounting are _____________?

A Two

B Three

C Five

D Six

Review Detailed Answer

Correct Answer: Two

The unsold goods are ______________?

A Equity

B Sale return

C Inventory

D Purchases

Review Detailed Answer

Correct Answer: Inventory

Debts which are payable in the course of a month are called _____________?

A External liabilities

B Fixed liabilities

C Current liabilities

D Liquid Liabilities

Review Detailed Answer

Correct Answer: Current liabilities

Income earned but not received is called ____________?

A Fictitious assets

B Quick asset

C Real asset

D Outstanding asset

Review Detailed Answer

Correct Answer: Outstanding asset

The assets which come into existence upon the happening of a certain event are called__________?

A Contingent assets

B Fixed assets

C Fictitious assets

D Quick assets

Review Detailed Answer

Correct Answer: Contingent assets

The assets which have some market value are called ____________?

A Fixed asset

B Quick asset

C Fictitious assets

D Real assets

Review Detailed Answer

Correct Answer: Real assets

Assets having physical existence are called ___________?

A Current asset

B intangible asset

C Tangible asset

D Liquid asset

Review Detailed Answer

Correct Answer: Tangible asset

When owner withdraw cash for its private use, it is called ___________?

A Profit

B Income

C Expense

D Drawing

Review Detailed Answer

Correct Answer: Drawing

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?

The systems of accounting are _____________?

The unsold goods are ______________?

Debts which are payable in the course of a month are called _____________?

Income earned but not received is called ____________?

The assets which come into existence upon the happening of a certain event are called__________?

The assets which have some market value are called ____________?

Assets having physical existence are called ___________?

When owner withdraw cash for its private use, it is called ___________?