Which of the following contains a correct list of inventory categories?
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1 .A system is a group of interacting, interrelated or interdependent elements in place to supporta framework of policies and procedures.Is this statement True or False?
A True B False
2 .To ensure that ________ achieve their objectives, ___________ should be formallydeveloped by management to be applied in each system.Which words, in correct order, correctly complete this sentence?
A Procedures, policies B Policies, procedures C Polices, plans D Systems, policies and procedures
3 .Which of the following stages of a purchase cycle are in the correct order?
A Purchase order, purchase requisition, goods received, payment made B Purchase requisition, purchase order, goods received, payment made C Purchase order, goods received, purchase requisition, payment made D Purchase order, payment made, goods received, purchase requisition
4 .The overall objective of ________ is to ensure all goods and services dispatched are correctly__________ and processed.Which words, in correct order, correctly complete this sentence?
A Sales, invoiced B Logistics, handled C Marketing, researched D Payroll, managed by people
5 .In a classic inventory system, regular inventory counts take place and require computerisedsystems. In contrast, in a perpetual inventory system, annual inventory counts take place thesame day of every year.Is the above statement True or False?
A True B False
7 .John carries out a credit check on an order before giving authorisation to the warehousemanager who carries out a final check on the order and the goods. All internaldocumentation, except the order, is pre-numbered in sequential order.Which cycle is being described?
A Purchases B Wages C Sales D Cash
8 .What does the term “ghost employee” mean?
A Employees who are on annual leave B Employees who are clocked in by other employees C Employees who “fade away” when required to work overtime D Individuals on the payroll who are not employed by the company
9 .Which one of the following sets are control activities?
A Authorisation, segregation of duties, cut-off B Performance reviews, physical controls, accuracy C Authorisation, information processing, segregation of duties D Performance reviews, recorded assets, cut-off
10 .“What if analysis” is most commonly used with which one of the following softwarepackages?
A Spreadsheets B Database management systems C Word processing D Graphics presentation
