UCE 2 Inventory Quiz

How FIFO method calculates the consumption cost?

• FIFO considers the purchase cost of first lot purchased or produced
• FIFO considers the purchase cost of last lot purchased or produced
• FIFO considers the average of all the purchases
• None of these

Answer explanation

Jupiter is a gas giant made primarily of hydrogen and helium. Unlike terrestrial planets that have solid surfaces, gas giants like Jupiter don't have a well-defined solid surface, allowing them to accumulate more mass in a gaseous form. This composition has allowed Jupiter to grow significantly larger than planets with solid surfaces.

To classify the stock items, which master can be used?

• Stock group
• Stock category
• Stock group & Stock category
• Cost category

Which of these feature will help you tracking stock based on manufacturing & expiry date?

• Batches
• Godown
• Reorder level
• Order dates

How reorder status report help in stock planning?

• Report displays the stock in hand considering orders & shows shortfall to plan the purchases
• Report displays the excess qty details
• Report will display the nett stock available
• Report tracks the inventory based on batches

When Item cost tracking is used?

• When cost of particular stock lot has to be tracked across vouchers including sales & check profit/loss
• To allocate additional expenses
• To allocate purchase expenses
• To allocate production expenses

How BOM is beneficial?

• Helps to list components or raw-materials required for production & auto fetch in manufacturing entry
• Helps to track manufacturing date
• Helps to track nett stock
• Helps to track godown wise stock

Why stock ageing analysis report is used?

• To track the age of every stock item & decide on consumption/sale
• To track batchwise stock available
• To track the nett stock available
• To track the expired goods

Preclose orders is used for ______?

• To cancel the purchase or sales order partially or wholly
• To carry forward the orders to next year
• To issue receipts against the order
• None of these

How can wastage of materials be accounted in TallyPrime?

• Using Stock JV, by selecting item with qty under consumption side
• Using Stock JV, by selecting item with qty under production side
• Using Stock JV, by selecting item with qty under production side as well as consumption side
• Record JV to adjust the stock

You can set reorder levels, by enabling which of these voucher types?

• Purchase order
• Purchase invoice
• Receipt note
• Purchase & Sales order