PLEASE ANSWER ALL OF THIS QUESTION ASAP!!! MULTIPLE CHOICEWhich of the following must be maintained by the company to have aneffective control of materials?Safety StockCombination of duties4.1.a.b.2. The following persons are involved in the physical control of materials inthe company, exceptCost accountantProduction department supervisora.b.3.The following are the procedure of purchasing and receiving materials:1. The purchasing agent completes a purchase order.2. The receiving clerk prepares a receiving report.3. The purchase materials are recorded by the accounting department.4. Purchase requisition is prepared to notify the purchasing agent.a.b.a.b.c. Limited accessd. None of the choicesDetermine the right sequence of these eventsa.1,2,3,4b. 4,1,2,3c. Purchasing agentd. Receiving clerkThe employee who is responsible for preparing a purchase requisition ismost likely the:Production department supervisorCost accountantC.Safety stocksd. Carrying costsc. 4,2,1,3d. 1,4,2,35. To compute the reorder point, the following data must be needed, except:The rate at which the material is usedThe lead timea. Cost of shortagesb. Cost of orderingc. Purchasing agentd. Storeroom keeper6. His duties includes looking for the economical price of materials, to placean order to the supplier, and verifying invoices:a.Production department supervisorb. Cost accountantc. Receiving clerkd. Purchasing agent7. The following classes of costs are usually involved in inventory decisionsexceptc. Carrying costd. Machining cost 8. What form is used to notify the purchasing agent that additional materialsare needed by the company?a. Receiving reportb. Purchase requisition form9. EOQ is the order quantity thata. minimizes the total ordering cost c. minimizes total inventory costsd. minimizes total ordering costsb. minimizes the safety stockc. Materials requisition formd. Suppliers invoice.10. Darlene works in a factory where she is responsible for monitoringquantities of materials on hand. The position of Darlene is a/an:a. Storeroom keeperc. Purchasing agentb. Inspectord. Receiving clerk11. The cost of insurance and taxes are included ina.b.Setup costCost of orderingc. Cost of shortagesd. Inventory carrying cost12. Rian is a purchasing agent at PRTC Corp. his duties include looking forsuppliers and ordering of materials. Due to recent economic fall, Rian hasbeen assigned to be the one to prepare the receiving reports aftercomparing the goods received to the purchase order. This violates materialcontrol:a.Limited access to materials c. Independenceb. Segregation of dutiesd. Accuracy in recording13. The objective of EOQ is?a. To minimize total ordering cost and maximize total carrying costsb. To minimize total carrying costs and maximize total ordering costsC. To minimize total ordering costs and total carrying costsd. To order sufficient units to economically meet the next period'sdemand.14. The company has an EOQ of 200 units but the management decides toincrease the order size to 300 units. How should this change affect the totalannual order cost and total annual carrying cost for an order size of 300units compared to the EOQ of 200 units?a. Total ordering cost and total carrying costs will increaseb. Total ordering cost and total carrying costs will decreaseC. Total ordering cost will increase and total carrying costs will decreased. Total ordering cost will decrease and total carrying costs will increase15. The minimum stock level is calculated asa.b.(Reorder level + Normal consumption) / normal delivery time(Reorder level + Normal consumption) x normal delivery timeReorder level + (Normal consumption x normal delivery time)d. Reorder level - (Normal consumption x normal delivery time)C.

As you have asked more than one question, these all are not interlinked so as per guidelines we can…

MULTIPLE CHOICE Which of the following must be maintained by the company to have an effective control of materials? Safety Stock Combination of duties 1. a. b. c. Limited access d. None of the choices

MULTIPLE CHOICE Which of the following must be maintained by the company to have an effective control of materials? Safety Stock Combination of duties 1. a. b. c. Limited access d. None of the choices

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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