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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.

The closing balance of a petty cash book is a / an___________?

A Liability

B Gain

C Assets

D Loss

Review Detailed Answer

Correct Answer: Assets

Which of these transactions will not be recorded in cash book?

A Cash received from debtors

B Cash paid to creditors

C Salary remained outstanding

D Cash deposited with bank

Review Detailed Answer

Correct Answer: Salary remained outstanding

In a three column cash book_______________does not exist?

A Cash column

B Bank column

C Petty cash column

D Discount column

Review Detailed Answer

Correct Answer: Petty cash column

Cash book records?

A Only cash sales

B All types of cash receipts and payments

C Only revenue receipts

D Only capital receipts

Review Detailed Answer

Correct Answer: All types of cash receipts and payments

Any gain on the sale of non-current assets should be _ from the net profit and the loss must be _to the net profit in determining fund from operation?

A Added, Reduced

B Added, Added

C Deducted, Added

D Deducted, Deducted

Review Detailed Answer

Correct Answer: Deducted, Added

Which of the following is an one sided error?

A 500 purchase of old equipment not recorded in the books of A/c at all

B 500 being expense on travelling expense credited to travelling expenses

C Both

D None

Review Detailed Answer

Correct Answer: 500 being expense on travelling expense credited to travelling expenses

Which of the following error is an error of principle

A 5,000 received from Sham credited to Ram A/c

B 5,000 incurred on installation of new plant debited to travelling expenses A/c

C 500 paid for wages debited to salary A/c

D 500 being purchase of raw material debited to purchase A/c ` 50

Review Detailed Answer

Correct Answer: 5,000 incurred on installation of new plant debited to travelling expenses A/c

Which of these errors affect two or more accounts

A Errors of complete omission

B Errors of principle

C Errors of posting to wrong account

D All the three

Review Detailed Answer

Correct Answer: All the three

Which of these errors affect only one account?

A Errors of casting

B Errors of carry forward

C Errors of posting

D All the three

Review Detailed Answer

Correct Answer: All the three

Which of the following items should not be capitalized relating to fixed assets?

A Interest payable on loans or deferred credits taken for the acquisition or construction of fixed assets before they are ready for use

B Stand by equipment and servicing equipment

C Expenditure incurred on test runs and experimental production

D Administration and general expenses

Review Detailed Answer

Correct Answer: Administration and general expenses

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Contact Info

Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

The closing balance of a petty cash book is a / an___________?

Which of these transactions will not be recorded in cash book?

In a three column cash book_______________does not exist?

Cash book records?

Any gain on the sale of non-current assets should be _ from the net profit and the loss must be _to the net profit in determining fund from operation?

Which of the following is an one sided error?

Which of the following error is an error of principle

Which of these errors affect two or more accounts

Which of these errors affect only one account?

Which of the following items should not be capitalized relating to fixed assets?

Contact Info

Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

The closing balance of a petty cash book is a / an___________?

Which of these transactions will not be recorded in cash book?

In a three column cash book_______________does not exist?

Cash book records?

Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?

Which of the following is an one sided error?

Which of the following error is an error of principle

Which of these errors affect two or more accounts

Which of these errors affect only one account?

Which of the following items should not be capitalized relating to fixed assets?

Any gain on the sale of non-current assets should be _ from the net profit and the loss must be _to the net profit in determining fund from operation?