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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.

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

Which of the following enhances the earning capacity of an asset?

A Increase in working capacity of an asset

B Reduction in operating costs

C Replacing damaged parts of an asset

D Both A and C above

Review Detailed Answer

Correct Answer: Both A and C above

Which one of the following is a capital expenditure?

A Compensation paid to Directors on termination of their services

B Expenditure incurred in connection with the renewal of a Trade Mark.

C Gratuities paid to Directors on termination of their services.

D Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines.

Review Detailed Answer

Correct Answer: Compensation paid to Directors on termination of their services

Which of the following statements are / is true? – Events after Balance Sheet are?

A All the significant events after the Balance Sheet date

B The events after Balance Sheet date but before submitting it to the Registrar of Companies

C The events after Balance Sheet date but before its approval by the board

D All changes after Balance Sheet date before its approval

Review Detailed Answer

Correct Answer: The events after Balance Sheet date but before its approval by the board

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

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?

Which of the following enhances the earning capacity of an asset?

Which one of the following is a capital expenditure?

Which of the following statements are / is true? – Events after Balance Sheet are?

Contact Info

Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

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?

Which of the following enhances the earning capacity of an asset?

Which one of the following is a capital expenditure?

Which of the following statements are / is true? – Events after Balance Sheet are?

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?