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IUP Inventory

Authored by Rani Raharjanti

Social Studies

University

IUP Inventory
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14 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary purpose of inventory in a business?

To generate revenue through sales

To manage employee performance

To track customer satisfaction

To reduce operational costs

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which inventory system provides a continuous record of inventory balances?

Dynamic System

Static System

Perpetual System

Periodic System

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is included in the cost of inventory?

Marketing costs

Transportation costs

Selling expenses

Administrative expenses

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which method assumes that the oldest inventory items are sold first?

Average Cost

First-In, First-Out (FIFO)

Specific Identification

Last-In, First-Out (LIFO)

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the effect of understating ending inventory?

Increases assets

No effect on net income

Decreases net income

Increases net income

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a classification of inventory for a manufacturing company?

Merchandising Inventory

Raw Materials

Work in Process

Finished Goods

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term 'goods in transit' refer to?

Goods that are stored in a warehouse

Goods that are sold but not yet delivered

Goods that are returned to the supplier

Goods that are being shipped to a customer

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