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.
Which of the following account with normal balance is shown at the credit side of a trial balance?
A: Cash account
B: Bank account
C: Equipment account
D: Accrued expenses account
Accrued expenses account
If debit balances = credit balances, trial balance only shows or check the ____________ and it does not indicate that no errors were made during recording and posting.
A: Arithmetic accuracy
B: Errors of commission
C: Omissions of economic events
D: Understatements of balances
Arithmetic accuracy
Trial balance is prepared to check accuracy of_______________?
A: Ledger accounts balances
B: Balance sheet balances
C: Income statement balances
D: Cash flow statement balances
Ledger accounts balances
A sale of Rs. 50.000 to A was entered as a sale to B. This is an example of____________?
A: Error of omission
B: Error of commission
C: Compensating error
D: Error of principle
Error of commission
If a transaction is completely omitted from the books of accounts, will it affect the agreement of a trial balance?
A: Yes
B: No
C: Transactions cant be omitted
D: none of these
No
________ is the common base for preparing a trial balance?
A: Ledger accounts
B: General Journal
C: Specialized journals
D: Balance sheet
Ledger accounts
Which of the following is true about a trial balance?
A: It lists down the balances of accounts
B: It lists down the balances of a balance sheet
C: It is a kind of financial statement
D: It is not a part of accounting cycle
It lists down the balances of accounts
Debit balance = Credit balance in a trial balance indicates that:
A: No error in recording transactions
B: No error in posting entries to ledger accounts
C: Account balances are correct
D: Mathematically Capital+Liabilities=Assets
Mathematically Capital+Liabilities=Assets
Goods sent on approval basis have been recorded as Credit sales. This is an example of____________?
A: Error of principle
B: Error of commission
C: Error of omission
D: Error of duplication
Error of principle