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Management Sciences 5307 MCQs [All-Courses]

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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.

All Topics  5307

Tax deducted at source appears in the Balance Sheet
A On the assets side under current assets
B On the assets side under loans and advances
C On the liabilities side under current liabilities
D On the liabilities side under provisions
Correct Answer: On the liabilities side under current liabilities
Which of the following are/is a current asset?
A Sundry Debtors
B Stock
C Prepaid insurance
D All of A. B. and C. above
Correct Answer: All of A. B. and C. above
Which of the following are/is not a fixed asset?
A Stock
B Vehicle
C Fixed deposit in bank
D Both A. and C. above
Correct Answer: Both A. and C. above
If unexpired insurance appears in the Trial Balance, it should be:
A Credited to the Profit & Loss Account
B Debited to the Profit & Loss Account
C Shown on the liabilities side of the Balance Sheet
D Shown on the assets side of the Balance Sheet
Correct Answer: Shown on the assets side of the Balance Sheet
Which of the following is not a financial statement?
A Profit and Loss Account
B Balance Sheet
C Funds Flow Statement
D Trial Balance
Correct Answer: Trial Balance
Which of the following will not appear in Profit and Loss Account of a business?
A Drawings
B Bad debts
C Accrued expenses
D Reserve for discount on Sundry Creditors
Correct Answer: Drawings
The Profit and Loss Account shows the:
A Financial results of the concern for a period
B Financial position of the concern on a particular date
C Financial results of the concern on a particular date
D Cost of goods sold during the period
Correct Answer: Financial results of the concern for a period
Which of the following is not true with regard to preparation of Profit & Loss Account?
A Profit & Loss Account is prepared for a certain period and hence it is an interim statement
B Profit & Loss Account does not disclose the effect of non-financial items
C Net Profits are ascertained on the basis of current costs
D Net Profits as disclosed by P&L Account is not absolute
Correct Answer: Profit & Loss Account is prepared for a certain period and hence it is an interim statement
Which of the following equations is correct?
A Gross Profit+ Sales+ Direct expenses+ Purchases+ Closing stock = Opening stock
B Gross Profit+ Sales+ Direct expenses+ Purchases- Closing stock = Opening Stock
C Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales
D Gross Profit – Opening Stock + Direct expenses + Purchases +Closing stock = Sales
Correct Answer: Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales
Which of the following shall not be deducted from net profit while calculating managerial remuneration?
A Loss on sale of undertaking
B Debts considered bad and written off
C Liability arising from a breach of contract
D Director‘s remuneration
Correct Answer: Director‘s remuneration
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