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.
What is the basic accounting equation?
A: Capital+Liabilities=Assets
B: Assets+ liabilities =Capital
C: Capital+assets=liabilities
D: Liabilities+Capital
Capital+Liabilities=Assets
________ 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
Company
An asset posses which of the following?
A: Future economic benefits for the business
B: All kind of benefits for the business
C: Expenses for the business
D: Merits and Demerits for the business
Future economic benefits for the business
Liabilities are which of the following?
A: Resources
B: Obligations
C: Future benefits
D: Expenses
Obligations
________ is the gross inflow of economic benefits?
A: Assets
B: Liabilities
C: Income
D: Expenses
Income
The gross decrease in economic benefits for the business are what?
A: Expenses
B: Obligations
C: Creditors
D: Income or gain
Expenses
An asset must be _______ by the business to be shown as an asset in its balance sheet
A: Possessed
B: Owned
C: Controlled
D: Used
Controlled
Liability are arisen from which of the following events?
A: Present event
B: Future event
C: Past event
D: None of them
Past event
Which of the following can be considered as the most important phase of accounting cycle and it is the primarily objective of financial accounting?
A: Identifying transactions
B: Preparing T Accounts
C: Preparing financial statements
D: Preparing trial balances
Preparing financial statements
Which is the most important characteristic that all assets of a business have?
A: Long life of assets
B: Value of assets
C: Intangible nature of assets
D: Future economic benefits
Future economic benefits