Critical Thinking Questions (Multiple Choice) as a Manager, You Need

question 30

Multiple Choice

Critical Thinking questions (Multiple Choice) As a manager, you need to make a decision on the inventory re-ordering. You also would like to find out why there have been continued inventory shortages. What type of report will you request from your department to make this decision?

• A) A scheduled report
• B) An ad hoc report
• C) A summary report
• D) An exception report

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Definitions:

Moving Average

A calculation used to analyze data points by creating a series of averages of different subsets of the full data set.

Physical Count

The process of counting and verifying actual inventory on hand to ensure accuracy in records and reports.

Inventory Reporting

The process of accounting for inventory levels, costs, and valuation in financial statements.

Dollar-Value LIFO

An inventory valuation method that uses the last-in, first-out (LIFO) principle, but adjusts for changes in the value of money, typically through the use of a price index.