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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

During the year 2011-2012, the value of closing inventory was overstated by 25,000. Which of the following is true?
A The cost of goods sold was overstated during 2011-2012 and income will be understated during 2012-2013
B The income was overstated during 2011-12 and closing inventory will be overstated during 2012-2013
C The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
D The cost of goods sold was understated during 2011-2012 but retained earnings will not be affected during 2012-2013
Correct Answer: The retained earnings was overstated during 2011-2012 and retained earnings will be understated during 2012-2013
The concept of conservatism will have the effect of______________?
A Overstatement of Assets
B Understatement of Assets
C Overstatement of Liabilities
D Understatement of Liabilities
Correct Answer: Understatement of Assets
Buildings account is debited with an amount towards repairs. This is an example of?
A Error of commission
B Error of principle
C Error of omission
D Compensating error
Correct Answer: Error of principle
The amount payable to a person as consideration for the use of rights vested in him is
A Dividend
B Royalty
C Purchase consideration
D Installment
Correct Answer: Royalty
Which of the following methods is not a practical way of realizing revenue?
A Delivery method
B Percentage-of-completion method
C Production method
D Moving average method
Correct Answer: Moving average method
Which of the following assets is/are to be valued at the lower of cost and net realizable value?
A Goodwill
B Inventories
C Investments
D Both B. and C. above.
Correct Answer: Inventories
Closing stock is generally valued at______________?
A Cost Price
B Market Price
C Cost price or Market price whichever is higher
D Cost price or Market price whichever is lower
Correct Answer: Cost price or Market price whichever is lower
Which of the following is true regarding closing entries?
A They must be followed by reversing entries
B They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C They must be made after the reversing entries but before the adjusting entries
D They must be made after the adjusting entries but before the reversing entries
Correct Answer: They must be made after the adjusting entries but before the reversing entries
Which of the following statements is/are true ?
A A sale of an asset is recorded in the Sales Book
B Total of Return Outward Book is debited to Return Outward Account
C The balance of Petty Cash Book is a liability
D Cash Book is a subsidiary book as well as a ledger
Correct Answer: Cash Book is a subsidiary book as well as a ledger
Amount paid to Masood posted to the credit side of his account would affect___________?
A Masood’s account
B Cash account
C Cash account and Gagan’s account
D None of these
Correct Answer: Masood’s account
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