Match Each Description to the Appropriate Document Used for Inventory

question 10

Multiple Choice

Match each description to the appropriate document used for inventory control (a-c) .
-Last document in the chain, use to compare all three for accuracy

• A)Receiving report
• B)Vendor's invoice
• C)Purchase order

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Definitions:

Standard Cost System

A cost accounting system that assigns expected costs to products or services, used for budgeting and variance analysis.

Cereal

A food product made from processed grains, typically eaten as breakfast and often enriched with vitamins and minerals.

Materials Quantity Variance

The difference between the expected and actual quantity of materials used in production, reflecting efficiency in materials usage.

Materials Standards

The established specifications regarding the quality and quantity of materials to be used in production.