level: Part 2
Questions and Answers List
level questions: Part 2
| Question | Answer |
|---|---|
| A scientific method of finding out how much stock should be maintained in order to meet the production demand Provide right type of material at right time in right quantities | Inventory management |
| Required by auditing firm employed to audit the hospital’s fiscal operation Planned and attention to detail Less than one maximum effort lead to faulty inventory | Taking of a physical Inventory |
| Inventory classification | 1 Raw material inventories 2 In process inventories 3 Finished goods inventories 4 Indirect inventories |
| Inventory control methods | 1 ABC (always better control)-analysis of very common items with large inventory items are stocked 2 VED (Vital Essential Desirable)- utility of material useful in controlling and maintaining 3 FSN (Fastmoving slowmoving Nonmoving)- review Setting off various level (max or min) 4 Buffering stock (SOS- Seasonal off seasonal)-unexpected demands and helpful in emergency condition Modern computerization of inventory control 5 FIFO ( first in first out) |
| analysis of very common items with large inventory items are stocked | ABC (always better control) |
| utility of material useful in controlling and maintaining | VED (Vital Essential Desirable) |
| review setting off various level (max or min) | FSN (Fastmoving slowmoving Nonmoving) |
| unexpected demands and helpful in emergency condition | Buffering stock (SOS- Seasonal off seasonal) |
| ( first in first out) | FIFO |