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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 a separate legal entity that Total capital can be divided in many shares.

A Partnership

B Sole proprietorship

C Company

D Non-profit organization

Review Detailed Answer

Correct Answer: Company

Unpresented checks also referred as____________?

A Uncollected checks

B Uncredited checks

C Outstanding checks

D Bounced checks

Review Detailed Answer

Correct Answer: Outstanding checks

In the Bank reconciliation statement “Deposit in transit” is usually:

A Subtracted from bank balance

B Added to bank balance

C Added to Cash book balance

D Subtracted from cash book balance

Review Detailed Answer

Correct Answer: Added to bank balance

Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

A Cash receipt journal

B Cash payment journal

C Cash book

D Financial statements

Review Detailed Answer

Correct Answer: Cash book

Favorable balance of cash book implies that

A Credit balance of cash book

B Debit balance of cash book

C Bank overdraft

D Adjusted balance of cash book

Review Detailed Answer

Correct Answer: Debit balance of cash book

Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

A Bank charges will be debited in cash book

B Bank charges will be added to cash book balance

C Bank charges will be credited in cash book

D Bank charges need no adjustment in cash book

Review Detailed Answer

Correct Answer: Bank charges will be credited in cash book

Bank reconciliation statement is prepared by____________?

A Accountant of the business

B Manager of the business

C Controller of the bank

D Accountant of the bank

Review Detailed Answer

Correct Answer: Accountant of the business

A check returned by bank marked “NSF” means that:

A Bank can’t verify your identity

B There are not sufficient funds in your account

C Check has been forged

D Check can’t be cashed being illegal

Review Detailed Answer

Correct Answer: There are not sufficient funds in your account

A cash deposit made by business appears on the bank statement as _______ balance?

A Debit

B Credit

C Expenses

D Liability

Review Detailed Answer

Correct Answer: Credit

Accommodation bills are generally for?

A Genuine trade reasons

B For mutual financial accommodation

C To help augment money supply

D All the three

Review Detailed Answer

Correct Answer: For mutual financial accommodation

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

________ is a separate legal entity that Total capital can be divided in many shares.

Unpresented checks also referred as____________?

In the Bank reconciliation statement “Deposit in transit” is usually:

Bank reconciliation statement is the comparison of a bank statement (sent by bank) with the _________ (prepared by business).

Favorable balance of cash book implies that

Bank charges amounting to $5000 was not entered in the cash book. Identify the correct adjustment in cash book?

Bank reconciliation statement is prepared by____________?

A check returned by bank marked “NSF” means that:

A cash deposit made by business appears on the bank statement as _______ balance?

Accommodation bills are generally for?