MANAGEMENT

Previous
Next

BUISENESS MANAGEMENT

INVENTORY MANAGEMENT

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
A method of checking shipments where the receiver writes down a description of the merchandise and the amount received on a blank form or dummy invoice. This list is then later compared to the actual invoice to check for discrepancies.
A
Blind Check Method
B
Direct Check Method
C
Either A or B
D
None of the above
Explanation: 

Detailed explanation-1: -The Last-In, First-Out (LIFO) method assumes that the last unit to arrive in inventory or more recent is sold first. The First-In, First-Out (FIFO) method assumes that the oldest unit of inventory is the sold first.

Detailed explanation-2: -Inventory refers to all the items, goods, merchandise, and materials held by a business for selling in the market to earn a profit.

Detailed explanation-3: -FIFO and LIFO. LIFO and FIFO are methods to determine the cost of goods. FIFO, or first-in, first-out, assumes the older inventory is sold first in order to keep inventory fresh. LIFO, or last-in, first-out, assumes the newer inventory is typically sold first to prevent inventory from going bad.

Detailed explanation-4: -Standard Invoices Standard Invoice are invoices from a supplier representing an amount due for goods or services purchased.

There is 1 question to complete.
Previous
Next