Inventory Management Quizzes, Questions & Answers

Recent Quizzes

The 'Foundation P&S - Inventory Mgmt' quiz assesses knowledge on inventory management practices in SAP, covering stock movements, goods issues, and stock transport orders. It is crucial for professionals in supply chain and...

Questions: 21 | Attempts: 84 | Last updated: Nov 8, 2023

Sample Question
Which country are you based in?

China

India

Indonesia

Philippines

Korea

Japan

Sale Of Goods On Approval Or Return Basis

Sale of Goods On Approval or Return Basis

This quiz assesses understanding of sales on approval or return basis, focusing on accounting treatments and balance sheet presentations. It evaluates skills in calculating cost implications and profit margins in scenarios where...

Questions: 15 | Attempts: 396 | Last updated: Mar 20, 2023

Sample Question
A sent some goods costing Rs. 3,500 at a profit of 25% on sale to B on sale or return basis. B returned goods costing Rs. 800. At the end of the accounting period i.e. on 31st December, 2005, the remaining goods were neither returned nor were approved by him. The stock on approval will be shown in the balance sheet at Rs.

2,000.

2,700.

2,700 less 25% of 2,700

3,500

Inventory Valuation

This Inventory Valuation quiz assesses knowledge on various inventory accounting methods and their impacts on financial statements. It covers FIFO, perpetual inventory systems, and profit calculations, essential for professionals...

Questions: 65 | Attempts: 520 | Last updated: Mar 21, 2023

Sample Question
If Average Stock = Rs 12,000. Closing stock is Rs 3,000 more than opening stock then the value of closing stock will be

Rs 12,000

Rs 24,000

Rs 10,500

Rs 13,500

MDP Mp Routine Test

MDP MP Routine Test

The 'MDP MP Routine Test' assesses key operational competencies in inventory and payroll management within a business setting. It focuses on procedures, safety, accountability, and readiness, enhancing managerial skills and...

Questions: 16 | Attempts: 83 | Last updated: Jul 27, 2023

Sample Question
What day of the week do inventories occur?

Monday

Wednesday

Friday

Boh Amp Rate Of Sale

BOH AMP Rate of Sale

The BOH AMP Rate of Sale quiz focuses on understanding and managing inventory through rate of sale, highlighting its purpose, accuracy needs, and benefits. It assesses skills in efficient purchasing, production management, and...

Questions: 17 | Attempts: 71 | Last updated: Mar 19, 2023

Sample Question
What is the purpose of rate of sale?

Marketing our brand to attract more guests

To adjust prices so inventory is more accurate

Understanding usage to manage purchasing and production at a higher level

ACCY 111: Accounting Exam! Quiz

Accy 111: Accounting Exam! Quiz

Accy 111: Accounting Exam! Quiz focuses on inventory management systems in accounting, comparing perpetual and periodic systems, and discussing methods like FIFO and LIFO. It assesses understanding of inventory cost implications...

Questions: 20 | Attempts: 686 | Last updated: Mar 22, 2023

Sample Question
In a perpetual inventory system, the cost of inventory sold is

Credit to Cost of Goods Sold

Debited to Accounts Receivable

Debited to Cost of Goods Sold

Not recorded at the time

Multiple Choice Quiz Inventory Methods

This Multiple Choice Quiz focuses on inventory methods, assessing knowledge in FIFO, LIFO, and cost calculations under different systems. It is designed for learners to understand cost flow assumptions and their impact on...

Questions: 5 | Attempts: 1412 | Last updated: Mar 22, 2023

Sample Question
The inventory costing method that is based on the assumption that cost should be charged against revenue in the order in which they were incurred.

Fifo

Lifo

Average cost

True Or False Quiz Inventory Costing Methods Under A Perpetual Inventory System

True or False Quiz Inventory Costing Methods under a Perpetual Inventory System

Questions: 5 | Attempts: 1445 | Last updated: Mar 22, 2023

Sample Question
Using fifo, costs are included in the merchandise sold in the order in which they were incurred

False

True

Lesson 5: Accounting For Inventory

LESSON 5: ACCOUNTING FOR INVENTORY

LESSON 5: ACCOUNTING FOR INVENTORY focuses on comparing Perpetual and Periodic Inventory Systems through transaction entries and adjustments. It also covers steps in bookkeeping records leading to the preparation of financial...

Questions: 5 | Attempts: 428 | Last updated: Mar 21, 2023

Sample Question
To differentiate the Perpetual and Periodic Inventory System, what is the entry made for doing the transaction under purchasing a product.

UNDER PERIODIC METHOD- Debit Purchases Account UNDER PERPETUAL METHOD- Debit Inventory Control Account UNDER PERPETUAL METHOD- Debit Inventory Control Account

UNDER PERIODIC METHOD- Credit Sales Account UNDER PERPETUAL METHOD- Credit Sales Account

UNDER PERIODIC METHOD- Cost of Goods Sold and Reduce Inventory Value UNDER PERPETUAL METHOD- Credit Inventory Control Account

UNDER PERIODIC METHOD- Credit Purchases Account UNDER PERPETUAL METHOD- No Adjusting Entries Needed Cost Of Goods and Reduce Inventory Value

Section 12.2â€”quiz: Cleaning Supplies

Section 12.2â€”Quiz: Cleaning Supplies

This quiz assesses knowledge on inventory control and management of cleaning supplies in a housekeeping department, focusing on par levels, daily use rates, and safety stock.

Questions: 10 | Attempts: 528 | Last updated: Mar 9, 2023

Sample Question
Which of the following statements about inventory control of cleaning supplies is true?

If the housekeeping department uses a perpetual inventory system, a physical count of cleaning supplies is unnecessary.

Physical inventories of cleaning supplies are quicker and easier if the items listed on the inventory record are in the order in which they are arranged on storeroom shelves.

Par levels for cleaning closets on floors throughout the hotel can be based on cleaning procedures and productivity standards.

The ending inventory level of a cleaning supply item is calculated by adding issues and subtracting purchases from the beginning inventory level.

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