Inventory Management Quiz

_______________ involves counting, weighing, or measuring each kind of inventory on hand.

• Taking physical inventory

• Classifying

• Reporting inventory

• Ending inventory

Merchandising companies have _________ inventory classification.

• one

• two

• three

• four

What does inventory refer to in a business?

• Employee records

• Accounting software

• Customer feedback

• Goods, raw materials, or finished products

In the context of inventory, what does 'goods in transit' refer to?

• Goods not yet delivered

• Goods in production

• Goods in the manufacturing process

• Goods on the shelves

Where is all inventory reported on the balance sheet, regardless of classification?

• Long-term assets

• Current assets

• Current liabilities

• Owner’s equity

What are the inventory classifications in a manufacturing company?

• Raw materials

• Finished goods

• Work in process

• All of the above