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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

Goods sold on the basis of ‘sales or return ‘ should:
A Be included in the stock
B Not be included in the stock
C Not be checked by auditor
D None of the above
Correct Answer: Be included in the stock
Floating assets are valued at____________?
A cost
B Market price
C Cost or market price whichever is lower
D Cost less depreciation
Correct Answer: Cost or market price whichever is lower
Stock should be valued at_________?
A Cost
B Market price
C Cost or Market price whichever is lower.
D Cost less depreciation.
Correct Answer: Cost
Verification refers to_________?
A Examining the physical existence and valuation of assets.
B Examining the journal and ledger
C Examination of vouchers related to assets.
D None of the above.
Correct Answer: Examining the physical existence and valuation of assets.
Which of the following statements is most closely associated with analytical procedure applied at substantive stage?
A It helps to study relationship among balance sheet accounts
B It helps to discover material misstatements in the financial statements
C It helps to identify possible oversights
D It helps to accumulate evidence supporting the validity of a specific account balance
Correct Answer: It helps to accumulate evidence supporting the validity of a specific account balance
Analytical procedures issued in the planning stage of an audit, generally
A Helps to determine the nature, timing and extent of other audit procedures
B Directs attention to potential risk areas
C Indicates important aspects of business
D All of the above
Correct Answer: All of the above
When issuing unqualified opinion, the auditor who evaluates the audit findings should be satisfied that the___________?
A Amount of known misstatement is documented in working papers
B Estimates of the total likely misstatement is less than materiality level
C Estimate of the total likely misstatement is more than materially level
D Estimates of the total likely misstatement cannot be made
Correct Answer: Estimates of the total likely misstatement is less than materiality level
______the audit risks_______the materiality and_________the audit effort.
A Lower, Higher, Lower
B Lower, Lower, Higher
C Higher, Lower, Lower
D Lower, Higher, Higher
Correct Answer: Lower, Higher, Lower
Which of the following statements is not correct about materiality?
A Materiality is a relative concept
B Materiality judgments involve both quantitative and qualitative judgments
C Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statements
D At the planning state, the auditor considers materiality at the financial statement level only
Correct Answer: At the planning state, the auditor considers materiality at the financial statement level only
Test Checking refers to___________?
A Testing of accounts and records
B Checking of selected number of transactions
C Examination of adjusting and closing entries
D Checking of all transactions recorded
Correct Answer: Checking of selected number of transactions
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