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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.

_________ is the evidence that a transaction took place?

A Source documents

B Ledger

C Bonds

D Journals

Review Detailed Answer

Correct Answer: Source documents

Discount allowed is___________?

A Expense of business

B Income of business

C Loss of business

D Abnormal loss of business

Review Detailed Answer

Correct Answer: Expense of business

Goods returned by customer should be debited to which of the following accounts?

A Sales income account

B Sales account

C Return inward account

D Expenses account

Review Detailed Answer

Correct Answer: Return inward account

he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?

A 2,10

B 10,2

C 10,30

D 3,15

Review Detailed Answer

Correct Answer: 2,10

A journal entry in which two or more account is debited or credited is referred as____________?

A Journal entry

B Multi entry

C Additional entry

D Compound entry

Review Detailed Answer

Correct Answer: Compound entry

The other name of journal is____________?

A Ledger

B T account

C Day book

D Cash book

Review Detailed Answer

Correct Answer: Day book

Discount allowed is a kind of deduction from_____________?

A Account payable

B Account receivable

C Cash account

D Discount account

Review Detailed Answer

Correct Answer: Account receivable

Every business transaction affects at least ________ accounts?

A One

B Two

C Three

D Infinite

Review Detailed Answer

Correct Answer: Two

The process of recording transactions in different journals is called_________?

A Posting

B Entry making

C Adjusting

D Journalizing

Review Detailed Answer

Correct Answer: Journalizing

General journal is a book of _______ entries?

A First

B Original

C Secondary

D Generic

Review Detailed Answer

Correct Answer: Original

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

_________ is the evidence that a transaction took place?

Discount allowed is___________?

Goods returned by customer should be debited to which of the following accounts?

he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?

A journal entry in which two or more account is debited or credited is referred as____________?

The other name of journal is____________?

Discount allowed is a kind of deduction from_____________?

Every business transaction affects at least ________ accounts?

The process of recording transactions in different journals is called_________?

General journal is a book of _______ entries?