Which of the following controls could be used to mitigate the threat of accepting unordered items?

Multiple Choices:1.The threat of inaccurate inventory recordscan be mitigated by which of the followingcontrols?Bar coding or RFID tags2.Ordering unnecessary items can resultfrom:inaccurate perpetual inventoryrecords3.What is a method that companies use tominimize the risk of inferior qualityproducts?Tracking and monitoringproduct quality by supplier.4.The practice of allowing kickbacks:impairsthe objectivity of the purchaser.5.What is the most effective technique usedto minimize the risk of an inaccurateinventory counts?The use of a bar-codingor radio frequency identification tag(RFID) system6.An effective method of reducing the risk oftheft is.proper segregation of duties7.What control procedures reduce the risk ofpaying the same invoice twice?Invoicesare approved for payment only whenaccompanied by a complete voucherpacket; Only the original invoice copyshould be paid.; Paid invoices should bemarked "paid".; Payment should never bemade on an invoice copy.8.Which inventory system attempts tominimize inventory costs by onlypurchasing goods required for actual salesorders?Just-in-time (JIT)9.What are the typical expenditure cyclefunctions?Verify the accuracy of vendorinvoices; Select the appropriate vendorsfrom whom to order; Decide ifappropriate discounts have been taken;monitor cash flow needed to payobligations10. What is one unusual feature of an imprestpetty cash fund?The lack of segregationof duties involved in administering theaccount.11. The risk of receiving unordered goods isprevented most effectively by.instruct thereceiving department to accept deliveriesonly those goods where there is anapproved copy of the purchase order12. The objective of approving and payingvendor invoices is to ensure:companypays only for goods and service orderedand received; safeguard cashTrue or False:1.The primary objective of the expenditurecycle is to minimize the total cost ofacquiring inventories and supplies.T2.A key decision with respect to theexpenditure cycle does not include theoptimal level of inventory.F3.Material requirements planning (MRP)relies on sales forecasts to scheduleinventory purchases.T4.Obsolescenceisadisadvantageassociated with JIT inventory systems.F5.JIT minimizes the risk of obsolescence.T6.Kickbacks are a threat associated with theordering of goods.T1.Which of the following inventorycontrol methods is most likely to beused for a product for which sales canbe reliably forecast?a.JIT (Incorrect. JIT seeks to minimizeinventory by making purchases onlyafter sales. It is used primarily forproducts for which it is hard toforecast demand.)b.EOQ (Incorrect. EOQ represents theoptimal amount of inventory topurchase to minimize the sum ofordering, carrying, and stockoutcosts.)c.MRP (Correct. MRP forecasts salesand uses that information topurchase inventory to meetanticipated needs.)

d.ABC (Incorrect. ABC is a method forstratifying inventory according toimportance and scheduling more

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