1- Explain all of your answers. In those true or false questions explain when th

Question

1- Explain all of your answers. In those true or false questions explain when the answer is false 1. Which of the following are the advantages of centralized purchasing? a- Greater knowledge of the technical requirements of each and every department. b- Reduced investment in inventories. c- Capability of taking advantages of market changes d- Greater control can be exercised. 2. Special indents are placed when the ordering level for different items of stocks are reached a- True b- False 3. Which of the following are the objectives of store keeping? a- b- c- d- to provide maximum service at minimum cost to keep the record to co-ordinate with materials control to facilitate perpetual inventory 4. The storage and usage of materials is called inventory control a- True b- False 5. Which of the following departments is generally responsible for inventory management: a- Stores Department b- Purchase Department c- Finance Department d- Sale Department 6. Economic ordering quantity is an essential element of min-max plan. a- True b- False 7. ABC analysis is aimed at selection control of materials a- True

Explanation / Answer

Question:- special indents are placed when the ordering level for different items of stocks are reached

Answer:- True

Question:- the storage and usage of materials is called inventory control

Answer:- True

Question:- which of the following department is generally responsible for inventory management

Answer:- Stores department

Question:- ABC analysis is aimed at selection control of materials

Answer:- true

Question:- what is the basis on which the minimum level of inventory is fixed

Answer:- Production requirement

Question:- direct labour costs would includes wages paid to all the following except

Answer:- janitor

Question:- indirect labour costs would includes wages paid to all the following except

Answer:- Machine operator

Question:- overhead consists of all the following except

Answer:- Direct labor

Question:- aggregate of direct cost is known as

Answer:- Prime Cost

Question:- aggregate of prime cost and factory overhead is

Answer:- Cost of production

Question:- the most important element of cost is

Answer:- Material

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