Management Sciences
Management Sciences MCQs With Answers
0 Management Sciences MCQs for CSS, PPSC, FPSC, NTS and entry-test preparation. Take a scored quiz instead →
Which financial accounting rule states that financial transactions must be recorded at their original acquisition cost rather than current market value?
AMatching Principle
BHistorical Cost Principle
CRealization Principle
DConsistency Principle
Under the accrual accounting framework, when should revenue be formally recognized in the accounting records?
AWhen cash payment is physically received
BWhen goods or services are delivered and earned
CWhen the contract is signed
DAt the end of the fiscal accounting period
What type of accounting error occurs when an entry is posted to the correct side of an incorrect account within the same ledger category?
AError of Omission
BError of Principle
CError of Commission
DCompensating Error
What audit risk component describes the vulnerability of an account balance to material misstatement assuming no internal controls exist?
AControl Risk
BInherent Risk
CDetection Risk
DSampling Risk
Which financial market instrument is a negotiable money market certificate issued by commercial banks acknowledging a cash deposit for a fixed term?
ATreasury Bill
BCertificate of Deposit (CD)
CCommercial Paper
DRepurchase Agreement
Under double-entry bookkeeping, what is the impact of recording a payment of cash to settle an outstanding accounts payable liability?
ADebit Cash, Credit Accounts Payable
BDebit Accounts Payable, Credit Cash
CDebit Expense, Credit Cash
DDebit Cash, Credit Revenue
What term describes an economic market condition where short-term debt instruments carry higher yields than long-term debt securities of equal quality?
ANormal Yield Curve
BInverted Yield Curve
CFlat Yield Curve
DHumped Yield Curve
Which accounting principle asserts that revenue should be recognized only when realization occurs or is reasonably certain to occur?
ARealization Principle
BHistorical Cost Principle
CConsistency Principle
DMateriality Concept
Which cost accounting classification describes costs that combine both fixed and variable cost components?
ADirect Costs
BSemi-Variable (Mixed) Costs
CPeriod Costs
DSunk Costs
Under IAS 7, interest paid by financial institutions on client accounts is classified as which type of cash flow activity?
AInvesting Activity
BOperating Activity
CFinancing Activity
DCapital Activity