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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 is the external user of financial statements?

A Manager of the business

B CEO of the business

C Creditor of the business

D Controller of the business

Review Detailed Answer

Correct Answer: Creditor of the business

Auditing is what?

A Reporting the financial information

B Examination of financial statements

C Preparation financial statements

D maintaining the ledger records

Review Detailed Answer

Correct Answer: Examination of financial statements

Keeping the log of financial information in books of original entries is called__________?

A Recording

B summarizing

C Grouping

D Processing

Review Detailed Answer

Correct Answer: Recording

For which step of accounting process the accountants of business entity prepare financial statements?

A Identification of economic event

B Communication of financial information

C Recording financial information

D Making decisions about business

Review Detailed Answer

Correct Answer: Communication of financial information

Financial accounting provides financial information to all of the following external users except:

A Government agencies

B investors

C Creditors

D Managers

Review Detailed Answer

Correct Answer: Managers

Bookkeeping mainly concerns with which part of accounting process?

A Analyzing

B Preparing financial statements

C Recording financial information

D Auditing the books of accounts

Review Detailed Answer

Correct Answer: Recording financial information

Identify the correct sequence of accounting process

A Communicating→Recording→Identifying

B Recording→Communicating→Identifying

C Identifying→communicating→recording

D Identifying→recording→communicating

Review Detailed Answer

Correct Answer: Identifying→recording→communicating

In accounting an Economic event is referred to as:

A Cash

B Bank statement

C Transaction

D Exchange of money

Review Detailed Answer

Correct Answer: Transaction

Credit memo or credit note No. is entered in which of the following journal?

A General journal

B Cash journal

C Purchase journal

D Sales return day book

Review Detailed Answer

Correct Answer: Sales return day book

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?

A Cash receipts journal

B Cash payments journal

C Sales journal

D Purchase journal

Review Detailed Answer

Correct Answer: Cash payments journal

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Which of the following is the external user of financial statements?

Auditing is what?

Keeping the log of financial information in books of original entries is called__________?

For which step of accounting process the accountants of business entity prepare financial statements?

Financial accounting provides financial information to all of the following external users except:

Bookkeeping mainly concerns with which part of accounting process?

Identify the correct sequence of accounting process

In accounting an Economic event is referred to as:

Credit memo or credit note No. is entered in which of the following journal?

BUSINESS paid rent amounting to $100″ which of the following specialized journals records this transaction?