![]() …………… are that portion of the process loss, which can be converted into a finished product by incurring more material and labour expenses.ĬIMA defines as, ………. ![]() ![]() records the quantity details,rates and values of stock movements. Under which of the following method of inventory valuation, the closing inventory is valued at the lowest possible price?īill of material acts as an authorization to the in procuring the materials and the concerned department in material requisition from the stores. If small quantities of direct material used in the end product like gums and threads are used in binding books then it may be categorized as It is a residue, which is measurable and has a minor value. ………… represents the unusable loss,which can be sold. ![]() When materials are delivered, a supplier’s carrier will usually provide a document called to confirm the details of delivery. are those items which are not moving temporarily but their movement is expected shortly. In which of the following posting is done before the transaction takes place? are those items, which are moving at a slow rate and this may arise due to general depression in demand due to keen g competition.ĬIMA defines ………… as, an internal instruction to a buying office to procure goods or services. Then the warehouse staff prepares a…………, a copy of which is given to the supplier’ carrier as a proof of delivery. When materials are unloaded, the warehouse staff checks the material unloaded with the delivery note. Under of inventory valuation, the historical cost of inventory is estimated by calculating at selling price and then deducting an amount equal to the estimated gross margin of profit on such stocks. Wood used in production of tables and chairs, steel bars used in steel factory etc are the examples of ………… are those cost, which can be identified and traceable to particular product or costing unit or cost centre. Which of the following method is based on the assumption that, latest consignment of materials or goods manufactured are exhausted first and the closing stock is valued at the cost of earliest lot in hand? …………… is a list of materials, with specifications, material codes and quantity of each material required for a particular job, process or production unit. Inventory held for sale in the ordinary course of business is known as …………. (A) Date of order and suppliers name along with address Which of the following details are recorded in bin card? ………… indicates the level of each particular item of stock at any point of time. (D) Replacement price or net realizable value, whichever is less. (C) At cost or net realizable value which-ever is less. (B) Replacement price or purchase value, whichever is less. (C) Funds are not tied up in surplus stores and stocks. (B) Materials do not constitute a significant part of the total production cost hence proper planning and controlling of inventories is not a big deal. (A) Inadequate inventory may lead to keep men and machines waiting. Which of the following statement is correct in relation to “need for proper inventory control”? Raw materials are directly identifiable as part of the final product and are classified as Inventory Management – Financial Management MCQ Inventory Management – CS Executive Financial and Strategic Management MCQ Questions with Answers you can quickly revise the concepts.
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