WorksheetsACCOUNTING & FINANCE IN SCM
Total questions: 46
Worksheet time: 23mins
Segregation of duties in supply chain management helps to:
Reduce transportation costs
Increase inventory levels
Prevent fraud and errors
Improve customer satisfaction
Which of the following is not a common internal control in supply chain management?
Regular audits
Segregation of duties
Increasing transportation costs
Hierarchical authorizations
Why might supply chain managers work with legal and accounting professionals?
To increase inventory turnover
To ensure compliance with regulatory requirements
To reduce transportation lead time
To improve packing efficiency
What is the formula for calculating profit?
Profit = Costs * Revenue
Profit = Revenue + Costs
Profit = Revenue - Costs
Profit = Costs / Revenue
If supply chain costs increase, the profit margin:
Increases
Decreases
Remains unchanged
Doubles
Which Ind AS addresses employee benefits?
Ind AS 12
Ind AS 19
Ind AS 24
Ind AS 33
Borrowing costs are regulated by
Ind AS 1
Ind AS 16
Ind AS 23
Ind AS 32
Related party disclosures are governed by
Ind AS 23
Ind AS 24
Ind AS 28
Ind AS 37
Investments in associates and joint ventures are primarily covered by
Ind AS 28
Ind AS 32
Ind AS 37
Ind AS 41
Which Ind AS deals with earnings per share?
Ind AS 33
Ind AS 38
Ind AS 41
Ind AS 103
Which Ind AS deals with provisions, contingent liabilities, and contingent assets?
Ind AS 37
Ind AS 38
Ind AS 41
Ind AS 113
Intangible assets are primarily addressed under:
Ind AS 37
Ind AS 38
Ind AS 109
Ind AS 110
Financial instruments are mainly covered by
Ind AS 109
Ind AS 110
Ind AS 113
Ind AS 115
What is the primary purpose of regular audits in supply chain management?
To increase inventory levels
To ensure compliance with legal and accounting standards
To reduce transportation costs
To improve customer service
Which of the following costs are associated with managing supplies and inventory in the supply chain?
Transportation costs
Packing costs
Labour costs
Supplies and inventory costs
Expenses related to the movement of goods from suppliers to customers primarily fall under
Equipment costs
Transportation costs
Insurance costs
Legal and professional costs
What type of costs are incurred in hiring and compensating workers involved in supply chain operations?
Packing costs
Labour costs
Technology costs
Customer service costs
Expenses incurred for legal consultations, contracts, and regulatory compliance are classified as
Equipment costs
Insurance costs
Legal and professional costs
Customer service costs
When payment is made for purchased goods, which account is debited?
Accounts Payable
Purchase
Cash/Bank
Cost of Sales
In a cash purchase scenario, which account is credited?
Purchase
Accounts Payable
Cash/Bank
Cost of Sales
When materials are issued to production, which account is debited?
Work-in-Process Control
Stores Ledger Control
Finished Goods Control
Cost of Sales
If goods produced move from the Work-in-Process (WIP) to finished goods, which account is debited?
Finished Goods Control
Work-in-Process Control
Stores Ledger Control
Cost of Sales
When goods are available for sale, which account is debited?
Cost of Sales
Finished Goods Control
Stores Ledger Control
Work-in-Process Control
Which of the following is NOT a module of Supply Chain Management (SCM)
Sourcing & Pricing decisions
Customer Supply & Services
Human Resource Management
Inventory & Logistics Management
The primary goal of cost management in SCM is to:
Increase costs
Decrease costs and increase profitability
Maintain costs at the same level
Ignore costs
Which of the following is NOT a common cost associated with supply chain activities?
Supplies and inventory costs
Research and development costs
Transportation costs
Labor costs
The formula for calculating profit is:
Profit = Revenue + Costs
Profit = Revenue - Costs
Profit = Costs * Revenue
Profit = Revenue / Costs
If costs increase, the profit margin:
Increases
Decreases
Remains the same
Is not affected
Which financial statement is affected by supply chain issues like lead time and on-time delivery?
Balance Sheet
Income Statement
Cash Flow Statement
Statement of Changes in Equity
Which of the following is NOT a typical cost record?
Purchase Cost Records
Employee Salary Records
Transportation Cost Records
Inventory Cost Records
When purchasing inventory on credit, which account is debited?
Cash Account
Accounts Payable Account
Purchase Account
Inventory Account
When goods are moved from Work-in-Process to Finished Goods, which account is debited?
Work-in-Process Control Account
Finished Goods Control Account
Cost of Sales Account
Inventory Account
When selling inventory on credit, which account is debited?
Cash Account
Accounts Receivable Account
Sales Account
Inventory Account
If a customer returns inventory, which account is debited?
Sales Return Account
Accounts Receivable Account
Inventory Account
Cost of Goods Sold Account
Freight charges related to the purchase of inventory are typically debited to:
Freight Expense Account
Inventory Account
Accounts Payable Account
Cost of Goods Sold Account
Which of the following is NOT a learning objective of SCM Finance?
Cost Management
Working Capital Management
Employee Satisfaction
Risk Management
Longer Inventory Days indicate:
Efficient inventory management
Risk of obsolescence and holding costs
Lower storage costs
Faster sales
Which is NOT a typical risk associated with inventory management?
Obsolescence
Theft
High employee morale
Physical Stock taking
Which is NOT a party involved in supply chain finance?
Banks
Suppliers
Customers
Competitors
Which is NOT a benefit of Supply Chain Finance?
Improved cash flow for suppliers
Reduced risk for buyers
Increased complexity for all parties
Enhanced collaboration
Which Indian Accounting Standard deals with Inventories?
Ind AS 1
Ind AS 2
Ind AS 7
Ind AS 12
Which Indian Accounting Standard deals with the Statement of Cash Flows?
Ind AS 1
Ind AS 2
Ind AS 7
Ind AS 12
Which is NOT a typical compliance requirement for SCM accounting under the Companies Act, 2013?
Maintaining Books of Accounts
Preparing Financial Statements as per Schedule III
Conducting a Stock Audit
Distributing dividends to shareholders
Which is NOT a type of tax consideration relevant to Supply Chain Management?
Income Tax
Employee Provident Fund
Custom Duty
Goods and Service Tax (GST)
Compliance with tax laws in SCM helps to avoid:
Increased profits
Penalties and fines
Reduced paperwork
Improved brand image
Maintaining proper accounting records is essential to avail which of the following?
Tax incentives and subsidies
Higher employee salaries
Reduced competition
Increased market share
