Hello! Welcome to Basic Test - Beginners Level
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100% Score -> You are the Master.
Above 80% but less than 100% - You are an Expert (Its time to update on skills to become a master).
Above 50% but less than 80% - You are an advanced beginner (A little more study can make you an Expert/Master)
Above 40% but less than 50% - You are proficient needing more study and practice.
Score equal or below 40% - You are just a beginner. There is a lot to discover and study.
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1.
Orders should automatically be placed with the supplier quoting the lowest price
2.
The perpetual inventory system enables management to ascertain stock without physical verification
3.
Bin cards make a record of the quantity and value of materials kept in the stores
4.
Under the ABC analysis of material control, “A” stands for high value items.
5.
Material turnover ratio is calculated by dividing the cost of materials consumed by cost of average stock held
6.
According to LIFO method of pricing, issues are close to current economic values.
7.
The storekeeper is not responsible for material losses while in storage
8.
When a large order is placed, the average stock carried will be large and hence the interest cost will rise; therefore, orders should always be a rather small quantity
9.
An unavoidable stores discrepancy is transferred either to the stores Overhead Account or the Factory Overhead Account
10.
Average inventory is the same as inventory turnover
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