Management Sciences MCQs
These Management Sciences MCQs are for public service commission exams and BBA, and MBA students to prepare for their examinations. All MCQs are prepared after having a look at past papers of public service commission examinations held from time to time. These Management Science questions are very important for all types of tests conducted by FPSC, NTS, KPPSC, PPSC, SPSC, BPSC, OTS, UTS, PTS, CTS, ATS, STS, ETEA, and other testing agencies of Pakistan.
The first step in accounting process is___________?
A: Recording the transaction
B: Identifying the transaction
C: Posting the transaction
D: Preparing the source documents
Identifying the transaction
A chart of accounts generally start with which of the following types of accounts?
A: Assets accounts
B: liability accounts
C: Cash accounts
D: Revenue accounts
Assets accounts
Total depreciation of an asset cannot exceed its:
A: Scrap value
B: Residual value
C: Market value
D: Depreciable value
Depreciable value
Amount paid to Masood posted to the credit side of his account would affect___________?
A: Masoods account
B: Cash account
C: Cash account and Gagans account
D: None of these
Masood™s account
Which of the following statements is/are true ?
A: A sale of an asset is recorded in the Sales Book
B: Total of Return Outward Book is debited to Return Outward Account
C: The balance of Petty Cash Book is a liability
D: Cash Book is a subsidiary book as well as a ledger
Cash Book is a subsidiary book as well as a ledger
Which of the following is true regarding closing entries?
A: They must be followed by reversing entries
B: They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C: They must be made after the reversing entries but before the adjusting entries
D: They must be made after the adjusting entries but before the reversing entries
They must be made after the adjusting entries but before the reversing entries
Closing stock is generally valued at______________?
A: Cost Price
B: Market Price
C: Cost price or Market price whichever is higher
D: Cost price or Market price whichever is lower
Cost price or Market price whichever is lower
Journals are also referred as_____________?
A: Book of entries
B: Book of original entries
C: T account
D: Books of economic event
Book of original entries
The standard format of journal does not include which of the following?
A: Assets column
B: Date column
C: Description column
D: Amount column
Assets column
In which of the following orders data is entered in journal?
A: Alphabetical order
B: Numeric order
C: Bullets order
D: Chronological order
Chronological order