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WorksheetsInventoryControl
Total questions: 30
Worksheet time: 22mins
After accounting for a sequence of inventory tags, an auditor traces a sample of tags to the physical inventory listing to obtain evidence that all items
Included in the listing have been counted.
Represented by inventory tags are included in the listing.
Included in the listing are represented by inventory tags.
Represented by inventory tags are bona fide.
What is NOT important to stand in a purchase order?
the amount (kg, l, pcs.)
the name of the product
the day of the desired delivery
the invoice price for the guest/customer
a specification of the product
in a big Restaurant or Hotel, who is normally doing the purchase orders to the vendors?
the hotel director
the purchase manager
the sous chef
the guest/customer
Why is a food specification so important?
to get the best prices on the market
for the control of my quality and cost
for the vendor to come right in time
that the purchase manager get the right salary each month
What is FIFO?
Football Organisation
a local fish from Vietnam
first in - first out - concept in storaging
my favorite dessert from Alicia
What does the FIFO-system means? 2 right answers!
rotate your stock in the storage
always lock your fridges from thieves
move older food product in front of the shelf, the newer one in the back
the purchase manager is responsible for the temperature check
Service businesses refer to their main revenue as fees, trading firms refer to their main revenue as..
Inventory
Sales
Stock
Income
T/F: Is GST recorded on the inventory card?
True
False
First In, First Out is
an assumption that the inventory purchased first is sold first
the reality that the inventory purchased first is sold first
an assumption that the inventory purchased last will be sold first
a dance move
Cost of sales
Is the revenue generated from selling inventory
The value of inventory recorded in the inventory cards
Net profit minus Expenses
Expenses incurred when inventory is sold
Gross Profit is
Revenue Less Expenses
The profit earned purely from the purchase and sale of inventory
The same as Net Profit
The same as Sales Revenue
T/F: A LARGE black tshirt and a MEDIUM black tshirt would share the same inventory card
True
False
T/F: The only value ever recorded on the inventory card is the cost price
TRUE
FALSE
Stock losses will result in ...
An increase in Revenue
An increase in Expenses
An increase in Assets
An decrease in Liabilities
Which of the following is not a benefit of the perpetual inventory system
Assists in the re-ordering of inventory
Stock losses and gains can be detected
Fast and slow moving inventory can be identified
employees are kept busy counting inventory
