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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.

Double entry implies that

A Recording entries in journal

B Recording entries in Ledger account

C Recording two aspects of every transaction

D Recording every transaction in books

Review Detailed Answer

Correct Answer: Recording two aspects of every transaction

Cash book is prepared by____________?

A Bank

B Accountant of business

C Manager of a company

D Bank’s cashier

Review Detailed Answer

Correct Answer: Accountant of business

Net loss occurs when______________?

A Expenses are greater than Income

B Expenses are less than Income

C Expenses=Income

D Liabilities are greater than income

Review Detailed Answer

Correct Answer: Expenses are greater than Income

Cash book records:______________?

A Cash payments

B Cash receipts

C Cash payments and cash receipts

D Neither cash payments nor cash receipts

Review Detailed Answer

Correct Answer: Cash payments

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

A Depreciation

B Drawings

C Outflow of cash

D Appreciation

Review Detailed Answer

Correct Answer: Drawings

An entry which is made on both sides of a cash book is called__________?

A Cash entry

B Contra entry

C Payment entry

D Compound entry

Review Detailed Answer

Correct Answer: Contra entry

Identify the asset from the following:

A Cash and cash equivalent

B Creditors

C Notes payable

D Bank loan

Review Detailed Answer

Correct Answer: Cash and cash equivalent

$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

A $5000 will be credited

B $5000 will be debited

C $10,000 will be credited

D $10,000 will be debited

Review Detailed Answer

Correct Answer: $5000 will be credited

What is equity?

A Cash from the business

B liability of a business

C Owner’s claim on total assets

D Owner’s claim on total liabilities

Review Detailed Answer

Correct Answer: Owner’s claim on total assets

A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book

A $1000 will be added to cash book balance

B $2000 will be deducted from cash book balance

C $3000 will be added to cash book balance

D $3000 will be subtracted from cash book balance

Review Detailed Answer

Correct Answer: $3000 will be subtracted from cash book balance

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Double entry implies that

Cash book is prepared by____________?

Net loss occurs when______________?

Cash book records:______________?

_______ the withdrawal of cash and goods by the owner of the busienss for his/her personal use?

An entry which is made on both sides of a cash book is called__________?

Identify the asset from the following:

$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.

What is equity?

A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book