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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.

Which of the following is a liability?

A Cash

B Equipment

C Debtors

D Creditors

Review Detailed Answer

Correct Answer: Creditors

Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.

A $2,000

B Zero

C $3,000

D $2,500

Review Detailed Answer

Correct Answer: $2,000

What is the basic accounting equation?

A Capital+Liabilities=Assets

B Assets+ liabilities =Capital

C Capital+assets=liabilities

D Liabilities+Capital

Review Detailed Answer

Correct Answer: Capital+Liabilities=Assets

Favorable balance of bank statement implies that

A Credit balance

B Debit balance

C Bank overdraft

D Adjusted balance

Review Detailed Answer

Correct Answer: Credit balance

Which is the most important characteristic that all assets of a business have?

A Long life of assets

B Value of assets

C Intangible nature of assets

D Future economic benefits

Review Detailed Answer

Correct Answer: Future economic benefits

_________ Checks that are presented to bank but not yet credited by the bank.

A Unpresented checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Uncredited checks

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

A Identifying transactions

B Preparing “T Accounts”

C Preparing financial statements

D Preparing trial balances

Review Detailed Answer

Correct Answer: Preparing financial statements

Which of the following error results in unadjusted cash book balance?

A Outstanding checks

B Unpresented checks

C Deposit in transit

D Omission of Bank charges

Review Detailed Answer

Correct Answer: Outstanding checks

Liability are arisen from which of the following events?

A Present event

B Future event

C Past event

D None of them

Review Detailed Answer

Correct Answer: Past event

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.

A Adjusted

B Unadjusted

C Understated

D Overstated

Review Detailed Answer

Correct Answer: Adjusted

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Which of the following is a liability?

Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.

What is the basic accounting equation?

Favorable balance of bank statement implies that

Which is the most important characteristic that all assets of a business have?

_________ Checks that are presented to bank but not yet credited by the bank.

Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?

Which of the following error results in unadjusted cash book balance?

Liability are arisen from which of the following events?

In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.