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Inventory systems grade 12

Authored by tshegofatso ramahlo

Other

9th - 12th Grade

Used 2+ times

Inventory systems grade 12
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12 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When using a perpetual inventory system ,the journal entry for the cost of inventory sold is:

Debit trading stock , credit cost of sales

Debit cost of sales; credit sales

No journal is necessary for the cost of merchandise sold

Debit cost of sales ,credit inventory

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Too much inventory on hand causes

An increase to the losses caused by price decline

An increase to the cost of safeguarding assets

Funds to be tied up that could be used to improve operations

All of the above

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Taking a physical count of inventory

Is not necessary when periodic inventory system is used

Has no internal control relevance

Should be done near year end

Is not necessary when a perpetual inventory system is used.

4.

FILL IN THE BLANK QUESTION

1 min • 1 pt

FIFO stands for?

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of goods/cost of sales

Is revenue generated from selling inventory

The value of inventory recorded in the inventory cards

Expenses incurred when inventory is sold

Net profit minus Expenses

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Is the type of businesses that involves buying and selling of goods

merchandising business

Service business

Manufacturing

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Inventory is a_____________found on the ______________.

Current asset , balance sheet

Liability balance sheet

Long term asset ,income statement

Current asset , income statement

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