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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.

Total depreciation of an asset cannot exceed its:

A Scrap value

B Residual value

C Market value

D Depreciable value

Review Detailed Answer

Correct Answer: Depreciable value

A chart of accounts generally start with which of the following types of accounts?

A Assets accounts

B liability accounts

C Cash accounts

D Revenue accounts

Review Detailed Answer

Correct Answer: Assets accounts

The first step in accounting process is___________?

A Recording the transaction

B Identifying the transaction

C Posting the transaction

D Preparing the source documents

Review Detailed Answer

Correct Answer: Identifying the transaction

Discount for quick repayment of debt is normally referred as____________?

A Trade discount

B Prompt payment discount

C Cash discount

D Bulk discount

Review Detailed Answer

Correct Answer: Cash discount

Which of the following accounts will be credited if a company purchases building for cash?

A Capital account

B Fixed assets account

C Building account

D Cash account

Review Detailed Answer

Correct Answer: Cash account

In which of the following orders data is entered in journal?

A Alphabetical order

B Numeric order

C Bullets order

D Chronological order

Review Detailed Answer

Correct Answer: Chronological order

The standard format of journal does not include which of the following?

A Assets column

B Date column

C Description column

D Amount column

Review Detailed Answer

Correct Answer: Assets column

Journals are also referred as_____________?

A Book of entries

B Book of original entries

C T account

D Books of economic event

Review Detailed Answer

Correct Answer: Book of original entries

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

A Drawings

B Cash

C Business

D Stock

Review Detailed Answer

Correct Answer: Drawings

Which of the following will be debited if a business purchases goods on credit?

A Cash

B Debtor

C Creditor

D Purchases

Review Detailed Answer

Correct Answer: Purchases

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Total depreciation of an asset cannot exceed its:

A chart of accounts generally start with which of the following types of accounts?

The first step in accounting process is___________?

Discount for quick repayment of debt is normally referred as____________?

Which of the following accounts will be credited if a company purchases building for cash?

In which of the following orders data is entered in journal?

The standard format of journal does not include which of the following?

Journals are also referred as_____________?

Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

Which of the following will be debited if a business purchases goods on credit?