Stocktaking

Stocktaking is:

• A process of counting and recording the amount of stock held by a business
• A process of buying stocks
• A process of selling stocks
• A process of evaluating stocks

The following statement is a purpose of stocktaking: To keep track of physical stock  and to verify internal controls by cross checking stock

• This Statement is True

• This Statement is False

• This Statement is neither True/false

• This statement is somewhat true and false

One benefit of doing a stock taking exercise is it is Lengthy and time-consuming since it is manually done sometimes.

• This statement is false

• This statement is true

• This statement is neither true/false

• This statement is somewhat true and false.

This Inventory System of Stock does a physical count of Inventory:

• Perpetual

• Periodic

• FIFO

• LIFO

This method of Inventory system is often easier and more cost-effective to implement

• Perpetual Inventory

• Periodic Inventory

• Avco Inventory

• Lifo Inventory

This type of inventory management system continuously records inventory changes in real time with computerized point-of-sale systems.

• FIFO

• LIFO

• Perpetual

• Periodic

A Reduction of downtime or store closures is an advantage of which of the Inventory management System?

• Perpetual

• Average Weighted Method

• Periodic

• Stock Return Method

It is best to take breaks, this task is long and arduous, and it’s easy to make mistakes when overworking yourself. This process is to be done:

• Before the stock taking process

• During the stocktaking process

• After the stocktaking process

• At all of the intervals

Which of the following stock document is used as a confirmation of inventory received?

• Purchases Requisition

• Purchase Order

• Purchase Invoice

• Goods Received Note

• This card is used to keep track of the number of items held in a warehouse or stockroom. 

• Bin Card

• Purchase Invoice

• Goods Received Note

• Purchase Order