What are the steps involved in determining inventory quantities?

Inventory Management Quiz

Quiz
•
Financial Education
•
12th Grade
•
Hard
Miras Sanat
FREE Resource
13 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Counting, weighing, or measuring each kind of inventory on hand
Estimating the value of inventory based on sales
Ignoring the inventory counts completely
Guessing the quantity of inventory without any physical verification
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which costing methods can be applied to quantities on hand?
Alphabetical order, Numerical order, Date of purchase
High to low, Low to high, Random order
Random selection, Most expensive first, Least expensive first
Specific Identification, First-in, first-out (FIFO), Last-in, first-out (LIFO)
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
When should goods in transit be included in the inventory?
When the goods are in the process of being manufactured
When the company has legal title to the goods
When the goods are in the warehouse
When the goods are still with the seller
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which cost flow method often parallels the actual physical flow of merchandise?
Last-In-First-Out (LIFO)
First-In-First-Out (FIFO)
Gross profit method
Average-Cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of the lower-of-cost-or-market basis of accounting for inventories?
To write down the inventory to its market value when it is lower than cost
To ignore market fluctuations in inventory valuation
To overstate the inventory value
To increase the inventory value artificially
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How do inventory errors affect the financial statements?
Only affect the balance sheet
Affect both the income statement and balance sheet
Have no impact on financial statements
Only affect the income statement
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the inventory turnover ratio measure?
Number of times on average the inventory is sold during the period
Total value of inventory at a given point in time
Profit margin on inventory sales
Number of days inventory is held
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