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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 form of business organization is least regulated?

A Sole-proprietorship

B General Partnership

C Limited Partnership

D Corporation

Review Detailed Answer

Correct Answer: Sole-proprietorship

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

A Rs. 33,000

B Rs. 25,000

C Rs. 17,000

D Rs. 8,000

Review Detailed Answer

Correct Answer: Rs. 17,000

Average Accounting Return is a measure of accounting profit relative to:

A Book value

B Intrinsic value

C Cost

D Market value

Review Detailed Answer

Correct Answer: Book value

The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?

A General Reserve A/c

B Profit & Loss A/c

C Asset A/c

D Capital Reserve A/c

Review Detailed Answer

Correct Answer: Capital Reserve A/c

At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

A Debtors A/c

B Profit & Loss A/c

C Profit & Loss Adjustment A/c

D Profit & Loss Appropriation A/c

Review Detailed Answer

Correct Answer: Profit & Loss A/c

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

A The bad debt expense is not matched with the related sales

B Revenue is overstated in the year of sales

C It violates the matching principle of accounting

D All of the above

Review Detailed Answer

Correct Answer: All of the above

The creation of provision for doubtful debts given as an adjustment requires____________?

A Debit Profit and Loss Account and deduct the provision from debtors

B Credit Profit & Loss Account and deduct the provision from debtors

C Credit Profit and Loss Account and add the provision to debtors

D Debit Profit & Loss Account and add the provision to debtors

Review Detailed Answer

Correct Answer: Debit Profit and Loss Account and deduct the provision from debtors

If actual bad debts are more than the provision for bad debts, then there will be a_____________?

A Credit balance of Provision for Bad Debts Account

B Debit balance of Provision for Bad Debts Account

C Debit balance of Bad Debts Account

D Debit balance of Discount on Debtors Account

Review Detailed Answer

Correct Answer: Debit balance of Provision for Bad Debts Account

Which of the following is not classified as inventory in the financial statements?

A Finished goods

B Work-in-process

C Stores and spares

D Advance payments made to suppliers for raw materials

Review Detailed Answer

Correct Answer: Advance payments made to suppliers for raw materials

Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?

A Written down to zero or its scrap value

B Shown in the Balance Sheet at its replacement cost

C Shown in the Balance Sheet at cost, but classified as a non-current asset

D Carried in the accounting records at cost until it is sold

Review Detailed Answer

Correct Answer: Written down to zero or its scrap value

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Management Sciences 5307 MCQs [All-Courses]

All Topics 5307

All Topics 5307

Which of the following form of business organization is least regulated?

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

Average Accounting Return is a measure of accounting profit relative to:

The balance of Revaluation Reserve pertaining to an asset that has been disposed off or retired can be transferred to?

At the time of preparation of financial accounts, bad debt recovered account will be transferred to?

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

The creation of provision for doubtful debts given as an adjustment requires____________?

If actual bad debts are more than the provision for bad debts, then there will be a_____________?

Which of the following is not classified as inventory in the financial statements?

Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?