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    AIS Week 5 Quiz

    Uploaded by

    Marvina Paula Vierneza Layugan
    The document is a quiz on inventory management concepts. It contains 10 multiple choice questions testing understanding of key inventory terms and processes. The questions cover topics like safety stock, reorder points, materials requirements planning (MRP), just-in-time (JIT) inventory, debit memos, and vendor selection criteria.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd

    AIS Week 5 Quiz

    Uploaded by

    Marvina Paula Vierneza Layugan
    109 views2 pages
    The document is a quiz on inventory management concepts. It contains 10 multiple choice questions testing understanding of key inventory terms and processes. The questions cover topics like safety stock, reorder points, materials requirements planning (MRP), just-in-time (JIT) inventory, debit memos, and vendor selection criteria.

    Original Description:

    accounting

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    The document is a quiz on inventory management concepts. It contains 10 multiple choice questions testing understanding of key inventory terms and processes. The questions cover topics like safety stock, reorder points, materials requirements planning (MRP), just-in-time (JIT) inventory, debit memos, and vendor selection criteria.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    109 views2 pages

    AIS Week 5 Quiz

    Uploaded by

    Marvina Paula Vierneza Layugan
    The document is a quiz on inventory management concepts. It contains 10 multiple choice questions testing understanding of key inventory terms and processes. The questions cover topics like safety stock, reorder points, materials requirements planning (MRP), just-in-time (JIT) inventory, debit memos, and vendor selection criteria.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Accounting Information System

    Quiz – Week 5

    Multiple choice questions

    1. The traditional approach to inventory management to ensure sufficient quantity maintain production
    is known as

    a. Safety stock
    b. Just-in-time production
    c. Economic order quantity
    d. Optimal inventory quantity

    2. The ______ specifies the point at which inventory is needed

    a. Company inventory policies


    b. Reorder point
    c. Economic order quantity
    d. Stockout point

    3. What is a key feature of materials requirements planning (MRP)?

    a. minimize or entirely eliminate carrying and stockout costs


    b. reduce required inventory levels by scheduling production rather than estimating needs
    c. determine the optimal reorder point
    d. determine the optimal order size

    4. Just-In-Time (JIT) inventory is best characterized by

    a. frequent deliveries of large quantities to be held at the work centers.


    b. frequent deliveries of smaller quantities of items to the work centers.
    c. less frequent deliveries of large quantities of goods to central receiving.
    d. infrequent bulk deliveries of items directly to work centers.

    5. A receiving clerk notes that a delivery of 10 units has been received, but the purchase order specified
    12 units. A debit memo will need to be prepared to adjust for the difference between the quantity
    ordered and received. Who should prepare this document?

    a. the receiving clerk


    b. the controller
    c. the vendor
    d. the purchasing department manager
    6. Identify in which of the following scenarios a company could adjust the balance due the vendor by
    issuing a debit memo.

    a. quantity different from that ordered


    b. damage to the goods
    c. goods that fail inspection for quality
    d. All of the above are possible scenarios.

    7. Materials requirements planning (MRP)

    a. reduces the uncertainty about when materials are needed, thereby reducing the need to carry
    large levels of inventory.
    b. is able to compute exactly the cost of purchasing by taking into account all costs associated with
    inventory carrying.
    c. requires vendors to deliver inventory to the production site exactly when needed and in the
    correct quantities.
    d. None of the above is correct

    8. ________ attempts to minimize or eliminate carrying and stockout costs.

    a. Just-in-time inventory
    b. Materials requirements planning
    c. Economic order quantity
    d. Evaluated receipt settlement

    9. Identify in which of the following scenarios a company could adjust the balance due the vendor by
    issuing a debit memo.

    a. quantity different from that ordered


    b. damage to the goods
    c. goods that fail inspection for quality
    d. All of the above are possible scenarios.

    10. Which of the following is least likely to be a major criterion in vendor selection?

    a. prices of goods
    b. credit rating of the vendor
    c. quality of goods
    d. ability to deliver on time

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