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Question-1
Identify the demerits of perpetual inventory system from the following
(A)
It is a regular work expert can be appointed
(B)
Stock figure are not reliable
(C)
It ensures a moral influence on the stores staff
(D)
Discrepancies are detected easily and quickly
Question-2
Identify the periodic system from the following
(A)
It is based on records
(B)
It provides data once in a year
(C)
It provides the data on continuous basis
(D)
It provides basis for control
Question-3
Which one of the following are belongs to the Bin card?
(A)
Entries are made along with each transaction
(B)
Entries are made by the cost clerk
(C)
Entries are made periodically
(D)
It is kept in the cost office.
Question-4
Identify the utility of Bin card .
(A)
It shows the closing stock of every material both in quantity and value
(B)
It provides a continuous record of stores received and issued
(C)
It is used for controlling the stock by watching the levels stated
(D)
It provides the details necessary for pricing issue of materials
Question-5
Issues takes place in the order of receipts what type of stock valuation is it?
(A)
First in first out
(B)
Last in first out
(C)
Average cost method
(D)
Weighted average cost method
Question-6
When materials are received from the supplier, the inspection department thoroughly inspects whether the quantity and quality of materials with the purchase order and it prepares a note called_________
(A)
Purchase requisition note
(B)
Material inspection note
(C)
Goods received note
(D)
Selling requisition note.
Question-7
Find out the merits of periodic inventory system from the following
(A)
Irregularities in stores are exposed. It also provides check on the employees
(B)
During stock taking period all business work will be parlayed for few days or weeks
(C)
It lacks the elements of surprise check
(D)
None of these.
Question-8
Bin card is also known as_________
(A)
Store ledger
(B)
Post card
(C)
Greeting card
(D)
Stores card
Question-9
Identify the utility of store ledger under the following
(A)
It is used for entering the receipts issues and the closing balance of each item
(B)
It provides the details necessary for pricing issue of materials
(C)
It is used for controlling the stock by level stated
(D)
It provides an independent check on the store ledger
Question-10
Who make the entries in the stores ledger?
(A)
Manager
(B)
Cost clerk
(C)
Storekeeper
(D)
Supervisor
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Plus 2 Commerce
ICSE/ISC
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