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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

If a company has contingent liabilities, they appear in the__________?
A Balance Sheet
B Directors‘ report
C Notes on account to Balance Sheet
D Chairman‘s report
Correct Answer: Balance Sheet
Payments received in advance from a customer for a contract can be__________?
A Shown as a deduction from contract work-in-progress on asset side
B Shown as a liability
C Credited to P&L A/c
D Either A or B above
Correct Answer: Either A or B above
Investment in own share A/c appears in____________?
A Asset side
B Liability side
C Netted from Capital
D Profit & Loss A/c
Correct Answer: Asset side
Tax deducted at source A/c appears in___________?
A Assets side
B Liability side
C Profit & Loss A/c
D Debited to Capital A/c
Correct Answer: Assets side
Cost of goods sold excludes___________?
A Opening Stock
B Carriage inward
C Wages & Salary
D Postage & Stamps
Correct Answer: Postage & Stamps
When a person purchasing goods on credit he becomes a_________in the books of the seller?
A Debtor
B Creditor
C Defaulter
D Offender
Correct Answer: Debtor
The entry for creating a Provision for bad debts is_____________?
A Debit Provision for Bad Debts A/c and credit Debtors A/c
B Debit Debtors A/c and credit Provision for Bad Debts A/c
C Debit Provision for Bad Debts A/c and credit Profit & Loss A/c
D Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
Correct Answer: Debit Profit and Loss A/c and credit Provision for Bad Debts A/c.
Bad debts recovered account will be transferred to______________?
A Debtor‘s Account
B Profit and Loss Account
C Provision for Doubtful Debt Account
D Either B or C above
Correct Answer: Either B or C above
____________is also known as Appraisal system of depreciation?
A Inventory system
B Survey system
C Annuity system
D Insurance
Correct Answer: Inventory system
Which of the following is not depreciated?
A Building
B Land
C Plant and Machinery
D Office equipment
Correct Answer: Land
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