Multiple choice review.
1. The acquisition/payment process can involve an organization buying:
a. Inventory.
b. Plant assets.
c. Supplies.
d. All of the above.
2. All of the following are methods for monitoring inventory levels except:
a. Reorder point.
b. FIFO and LIFO.
c. Time.
d. RFID.
3. Which of the following documents specifies items to be ordered, freight terms, shipping address, and other information for a vendor?
a. Purchase requisition
b. Purchase order
c. Receiving report
d. Bill of lading
4. Internal controls that address the risk of purchasing goods from inappropriate vendors include:
a. Strategic alliances.
b. RFID technology.
c. Sequentially numbered purchase orders.
d. Order justification.
5. The primary key for the inventory master fi le is most likely to be:
a. Product name.
b. Product description.
c. Product ID.
d. Quantity on hand.
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