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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.

Purchase journal is kept to record_____________?

A All purchases of goods

B All credit purchases of goods

C All credit purchases

D None of these

Review Detailed Answer

Correct Answer: All credit purchases of goods

Which of the following is not correct about Errors?

A Errors which affect one account can be errors of posting

B Errors of omission arise when any transaction is left to be recorded

C Errors of carry forward from one year to another year affect both Personal and Real A/c

D Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner

Review Detailed Answer

Correct Answer: Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner

While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result

A Previous year‘s profit is overstated and current year‘s profit is also overstated.

B Previous year‘s profit is understated and current year‘s profit is overstated.

C Previous year‘s profit is overstated and current year‘s profit is understated.

D There will be no impact on the profit of either the previous year or the current year.

Review Detailed Answer

Correct Answer: Previous year‘s profit is overstated and current year‘s profit is understated.

Which of the following statements is correct about Trial Balance?

A The Trial Balance is prepared after preparing the Profit and Loss Account

B The Trial Balance shows only balances of Assets and Liabilities

C The Trial Balance shows only nominal account balances

D The Trial Balance has no statutory importance from the point of view of law

Review Detailed Answer

Correct Answer: The Trial Balance has no statutory importance from the point of view of law

The adjustment to be made for income received in advance is:

A Add income received in advance to respective income and show it as a liability

B Deduct income received in advance from respective income and show it as a liability

C Add income received in advance to respective income and show it as asset

D Deduct income received in advance from respective income and show it as an asset in the Balance Sheet

Review Detailed Answer

Correct Answer: Deduct income received in advance from respective income and show it as a liability

Which of the following statements is true?

A If a Trial Balance tallies, it always means that none of the transactions has been completely omitted

B A Trial Balance will not tally if a transaction is omitted

C A customer to whom goods have been sold on credit cannot avail himself of a cash discount

D A credit balance in the Pass Book indicates excess of deposits over withdrawals

Review Detailed Answer

Correct Answer: A credit balance in the Pass Book indicates excess of deposits over withdrawals

Closing stock in the Trial Balance implies that______________?

A It is already adjusted in the opening stock

B It is adjusted in the Purchase A/c

C It is adjusted in the Cost of Sale A/c

D It is adjusted in the Profit &Loss A/c

Review Detailed Answer

Correct Answer: It is adjusted in the Purchase A/c

Journal proper is meant for recording_____________?

A Credit purchase of fixed assets

B Return of goods

C All such transactions for which no special journal has been kept by the business

D None of these

Review Detailed Answer

Correct Answer: All such transactions for which no special journal has been kept by the business

Which of the following is true?

A Error of casting affects personal accounts

B Omission of a transaction from a subsidiary record affects only one account

C Error of carry forward affects two accounts

D Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue

Review Detailed Answer

Correct Answer: Error of principle involves an incorrect allocation of expenditure or receipt between capital and revenue

Which of the following errors is an error of omission?

A Sale of ` 100 was recorded in the Purchases Journal

B Wages paid to Mohan have been debited to his account

C The total of the sales journal has not been posted to the Sales Account

D Repairs to buildings have been debited to buildings account

Review Detailed Answer

Correct Answer: The total of the sales journal has not been posted to the Sales Account

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Management Sciences 5307 MCQs [All-Courses]

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All Topics 5307

Purchase journal is kept to record_____________?

Which of the following is not correct about Errors?

While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result

Which of the following statements is correct about Trial Balance?

The adjustment to be made for income received in advance is:

Which of the following statements is true?

Closing stock in the Trial Balance implies that______________?

Journal proper is meant for recording_____________?

Which of the following is true?

Which of the following errors is an error of omission?