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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.

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

A Possessed

B Owned

C Controlled

D Used

Review Detailed Answer

Correct Answer: Controlled

Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.

A $500 will be debited

B $500 will be credited

C Non-adjustable

D $1000 will be subtracted

Review Detailed Answer

Correct Answer: $500 will be credited

The gross decrease in economic benefits for the business are what?

A Expenses

B Obligations

C Creditors

D Income or gain

Review Detailed Answer

Correct Answer: Expenses

___________ are checks that are issued by the business but not yet presented to bank

A Uncollected checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Outstanding checks

________ is the gross inflow of economic benefits?

A Assets

B Liabilities

C Income

D Expenses

Review Detailed Answer

Correct Answer: Income

Uncollected checks also referred as______________?

A Unpresented checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Uncredited checks

Liabilities are which of the following?

A Resources

B Obligations

C Future benefits

D Expenses

Review Detailed Answer

Correct Answer: Obligations

Standing orders are ________

A Credited in the cash book

B Debited in the cash book

C Entered in the bank statement

D Entered in the petty cash balance

Review Detailed Answer

Correct Answer: Credited in the cash book

An asset posses which of the following?

A Future economic benefits for the business

B All kind of benefits for the business

C Expenses for the business

D Merits and Demerits for the business

Review Detailed Answer

Correct Answer: Future economic benefits for the business

A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

A $2000 will be debited in cash book

B $2000 will be credited in cash book

C $4000 will be debited in cash book

D $4000 will be credited in the cash book

Review Detailed Answer

Correct Answer: $2000 will be credited in cash book

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.

The gross decrease in economic benefits for the business are what?

___________ are checks that are issued by the business but not yet presented to bank

________ is the gross inflow of economic benefits?

Uncollected checks also referred as______________?

Liabilities are which of the following?

Standing orders are ________

An asset posses which of the following?

A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?