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

1) The correct choice is a

Explanation:- Centralized purchasing allows to take advantage of the specialized skill of the buying staff.

2) The correct choice is True

Explanation:- Special indents are placed when the re-ordering level for different items of stocks are reached.

3) The correct choice is d. To facilitate perpetual inventory

Explanation : - Perpetual inventory is a method of accounting for inventory. It allows for real-time or near-real?time updating when goods are purchased or sold so that a balance of goods on hand is maintained.

4) The correct choice is false

Explanation : - Inventory control is the management function of classifying, ordering, receiving, storing, issuing, and accounting for items of value.

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