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.
Financial accounting provides financial information to all of the following external users except:
A: Government agencies
B: investors
C: Creditors
D: Managers
Managers
For which step of accounting process the accountants of business entity prepare financial statements?
A: Identification of economic event
B: Communication of financial information
C: Recording financial information
D: Making decisions about business
Communication of financial information
Auditing is what?
A: Reporting the financial information
B: Examination of financial statements
C: Preparation financial statements
D: maintaining the ledger records
Examination of financial statements
Keeping the log of financial information in books of original entries is called__________?
A: Recording
B: summarizing
C: Grouping
D: Processing
Recording
Which of the following is the external user of financial statements?
A: Manager of the business
B: CEO of the business
C: Creditor of the business
D: Controller of the business
Creditor of the business
Which of the following is the internal user of financial statements?
A: Creditor of the business
B: Government agency
C: Shareholder of the business
D: Manager of the business
Manager of the business
_________ is the first phase of accounting cycle?
A: Identifying an economic event or transaction
B: Preparing journals
C: Posting entries to ledger accounts
D: Making decisions about business
Identifying an economic event or transaction
Financial statements differ from management account because
A: They are mainly prepared for external users of financial information
B: They are more complex and hard to prepare
C: The are the summary of accounting data
D: The are prepared on basis of actual concept
They are mainly prepared for external users of financial information
In accounting an Economic event is referred to as:
A: Cash
B: Bank statement
C: Transaction
D: Exchange of money
Transaction
Identify the correct sequence of accounting process
A: Communicating†’Recording†’Identifying
B: Recording†’Communicating†’Identifying
C: Identifying†’communicating†’recording
D: Identifying†’recording†’communicating
Identifying†’recording†’communicating