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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.

Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

A $6,000

B $10,000

C $5,000

D $1,000

Review Detailed Answer

Correct Answer: $5,000

The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :

A Uncontrollable cost

B Sunk cost

C Avoidable cost

D Opportunity cost

Review Detailed Answer

Correct Answer: Sunk cost

Find out the value of assets if: Liabilities=$5000 and Capital=$1000

A $4,000

B $6,000

C $7,000

D $3,000

Review Detailed Answer

Correct Answer: $6,000

Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?

A Crane hours

B Crane value

C Truck Mileage

D Truck value

Review Detailed Answer

Correct Answer: Crane value

The Basic accounting equation is___________?

A Asset=Expense +Income

B Assets=Cash+Capital

C Assets=Capital+Liabilities

D Assets=Expenses+Capital

Review Detailed Answer

Correct Answer: Assets=Capital+Liabilities

Consider the following data for a company during the month of June 2012 Budgeted hours 4,000 Standard hours for actual production 4,400 Maximum possible hours in the budget period 4,800 Actual hours 3,800 The activity ratio of the company during the month is

A 111%

B 120%

C 95%

D 117%

Review Detailed Answer

Correct Answer: 111%

Which of the following is the closing balance of a ledger account?

A Balance c/d

B Balance b/d

C Balance e/d

D Balance f/c

Review Detailed Answer

Correct Answer: Balance c/d

The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?

A Direct cost

B Variable cost

C Commercial cost

D Conversion cost

Review Detailed Answer

Correct Answer: Commercial cost

Which of the following accounts are closed at the end of an accounting period?

A Nominal accounts

B Balance sheet accounts

C Real accounts

D None of them

Review Detailed Answer

Correct Answer: Nominal accounts

Costs that change in response to alternative courses of action are called___________?

A Relevant costs

B Differential costs

C Target costs

D Sunk costs

Review Detailed Answer

Correct Answer: Differential costs

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Calculate the amount of cash if: Total assets=$10,000 Total liabilities=$10,000 Total Capital=$5000

The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :

Find out the value of assets if: Liabilities=$5000 and Capital=$1000

Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?

The Basic accounting equation is___________?

Consider the following data for a company during the month of June 2012 Budgeted hours 4,000 Standard hours for actual production 4,400 Maximum possible hours in the budget period 4,800 Actual hours 3,800 The activity ratio of the company during the month is

Which of the following is the closing balance of a ledger account?

The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?

Which of the following accounts are closed at the end of an accounting period?

Costs that change in response to alternative courses of action are called___________?