Whole Life Asset Management Recap Week 3

Opening Stock is...

• inventory held as physical stock or value items at the beginning of an accounting period

• Opening stock is the inventory held at the end of an accounting period

• Opening stock refers to the total sales made at the beginning of an accounting period

• Opening stock is the amount of cash available at the start of a financial year

Closing Stock is...

• the inventory held at the beginning of an accounting period

• refers to the total revenue generated at the end of a financial year

• inventory held at the end of the period under consideration

• the amount of debt owed by the company at the end of the period

Obsolete Stock is Excessive/ Surplus and/or Unnecessary Stock

• True

• False

Answer explanation

Obsolete

No longer used or practiced; outmoded/ out of date / falling into disuse.

Redundant Stock is no longer used or practiced; outmoded/ out of date / falling into disuse.

• True

• False

Answer explanation

Redundant

Excessive/ Surplus and/or Unnecessary

Based on the Pareto principle...

• 20% of the stock value will be held in 80% of the items

• 80% of the stock value will be held in 20% of the items

What is this?

• Skid

• Slide

• Pallet

• Slat

Answer explanation

Skid

What is this?

• Ramp

• Weighbridge

• Skid

• Trolley

Answer explanation

Weighbridge

What is this?

• Mat

• Slip Sheet

• Envelope

• Jiffy Bag

Answer explanation

Slip Sheet

What is this?

• Thermostat

• Sensor

• Load Cell

• Timer

Answer explanation

Load Cell

What is this?

• Trolley

• Pallet Lifter

• Dollie

• Sack Truck

Answer explanation

Sack Truck