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Inventories

Under a perpetual inventory system, the amount of each type of merchandise on hand is available in the
Inventory Ledger
Which document authorizes the purchase of the inventory from an approved vendor?
The Purchase Order
The primary objectives of control over inventory are
Safe guarding inventory from damage and reporting inventory in the financial statements
Taking a physical count of inventory
Should be done near year end
Control of inventory should begin as soon as the inventory is received. Which of the following internal control steps is not done to meet this goal?
Check the invoice with the person who specifically purchased the item
All of the following are documents used for inventory control except
A petty cash voucher
Which document establishes an initial record of the receipt of the inventory?
Receiving report
Which of the following is not an example for safeguarding inventory?
Returning inventory that is defective or broken
Which of the following methods is appropriate for a business whose inventory consists of a relatively small number of unique, high-cost items?
Specific identification
Ending inventory is made up of the oldest purchases when a company uses
Last-in, first-out

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