Republic of the Philippines

CEBU TECHNOLOGICAL UNIVERSITY

TUBURAN CAMPUS
Brgy. 8, Poblacion Tuburan, Cebu, Philippines
Website: http://www.ctu.edu.ph E-mail: info-tuburan@ctu.edu.ph
el. No.: +6332 463 9313 loc. 102

COLLEGE OF EDUCATION
“Where competent Educators pace towards Global Transformation”

Name: Mark Rued D. Yaun Date: April 15,2021 Time: 8:00 Score: ____

I. MULTIPLE CHOICE
Directions: Write the letter of your choice in the space provided.

1. What type of record contains information about the type and amount of stock an entity possesses?
A. Inventory
B. Maintenance
C. Purchaser
D. Receiver
ANSWER: A.

2. What type of inventory defines the quantity on hand, physically present in the warehouse of an
eCommerce or digi-physical business?
A. Stock Record
B. On work in progress Inventory
C. On Order Inventory
D. On hand inventory
ANSWER: D.

3. This type of means goods that have previously been ordered in the ordinary course of business but have
neither been paid for nor received at the Showrooms and the Warehouse as of the Closing Date?
A. On hand Inventory
B. On Order Inventory
C. On work in progress Inventory
D. Stock Record
ANSWER: B.

4. What type of inventory refers to partially completed materials within a production cycle. These include
raw materials as well as the cost of developing these materials into the final product, direct labour costs and
factory overheads?
A. On Order Inventory
B. On hand Inventory
C. On work in progress Inventory
D. Stock Record
ANSWER: C.

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5. It is a master list of the securities held by a brokerage firm on behalf of its customers. The list is updated
with every transaction executed by the brokerage?
A. On work in progress Inventory
B. Stock Record
C. On hand Inventory
D. On order Inventory
ANSWER B.

6. It is a system that deal with the recording of physical quantities of stock and its valuation?
A. Inventory Recording System
B. Perpetual Recording System
C. Periodic Inventory System
D. On hand Inventory System
ANSWER: A.

7. This means the inventory is recorded after every issue or purchase/receipt of raw materials, final goods,
work in progress etc. So these records will need updating on a daily basis.
A. Inventory Recording System
B. Perpetual Recording System
C. Periodic Inventory System
D. On hand Inventory System
ANSWER: B.

8. This inventory is done by an actual physical count of the inventory on any given date and to determine the
closing stock a physical count of the inventory (numbers, weight etc.) will be taken.
A. Periodic Inventory System
B. Inventory Recording System
C. Perpetual Recording System
D. On hand Inventory System
ANSWER: A.

9. This management is an attempt to have the right stock, in the right place, at the right time, and at the right
cost.
A. Inventory Recording System
B. Inventory Management System
C. Periodic Inventory System
D. On hand Inventory System
ANSWER: B.

10. This method involves recording the item at either the historical cost or the current market value,
depending on how the value of the item has changed.
A. Lower of cost or market
B. First in, first out
C. Last in, first out
D. Last in, last out

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ANSWER: A.

11. This method assumes that the last item acquired is the first to be sold.
A. Last in, last out.
B. Lower of cost or market
C. Last in, first out.
D. First in, first out.
ANSWER: C.

12. This method assumes that the item sold first is the item that was purchased or acquired first.
A. Last in, first out.
B. First in, first out.
C. Lower of cost or market
D. Last in, last out
ANSWER: B

13. Having an inventory tracking system allows you to keep tabs on stock levels and location.
A. Parts Tracking.
B. Stock Level
C. Reordering
D. Reporting
ANSWER: A

14. This is having the right amount of stock is key.

a. Stock Level
b. Parts Tracking
c. Recording
d. Reporting
ANSWER: A.

15. This will help you measure all maintenance-related activities and their financial impact at the end of the
year.
A. Stock Level
B. Parts Tracking
C. Reordering
D. Reporting
ANSWER: C

“A premier multi-disciplinary technological university”