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NEW QUESTION 37
Which of the following is often created by each business and commonly used for the purpose of inventory management?

A. SKUB. FDA product codeC. ISBND. Harmonised system

Answer: A

Explanation:
Organisations often create their own stock keeping unit (SKU) numbering system, which may or may not have a meaningful structure. Stock keeping unit is a number that is assigned to a product for the purpose of inventory management and is of tracking. In other words, a stock keeping unit is a unique identifier assigned to each product for easier and more efficient record keeping.
An FDA (US Food and Drug Administration) product code describes a specific product and contains a combination of five to seven numbers and letters. The product code submitted with each FDA line item should match the actual product name and/or invoice description of the product.
The International Standard Book Number is a numeric commercial book identifier which is in-tended to be unique. Publishers purchase ISBNs from an affiliate of the International ISBN Agency.
The Harmonized Commodity Description and Coding System, also known as the Harmonized System (HS) of tariff nomenclature is an internationally standardized system of names and numbers to classify traded products.
Reference:
LO 1, AC 1.2

 

NEW QUESTION 38
Which of the following is the definition of work in progress inventory?

A. Obsolete inventoryB. Inventory introduced into production but not completed as of the stocktake dateC. Inventory not yet introduced into the production processD. Inventory that has finished the production process

Answer: B

Explanation:
Work in progress is the stock part-way through a manufacturing process; in the service sectors the term is also used for anything between order and delivery.
Reference:
LO 2, AC 2.1

 

NEW QUESTION 39
Which of the following costs does the EOQ minimise?

A. Total cost of safety stockB. Total cost of annual inventory costC. Total cost of carrying stockD. Total cost of ordering inventory

Answer: B

Explanation:
Economic order quantity (EOQ) was developed in 1913 by Ford W.
Harris and has been refined over time. The formula assumes that demand, ordering, and holding costs all remain constant. The EOQ minimizes the total annual inventory cost.
EOQ formula is as follow:

LO 2, AC 2.3

 

NEW QUESTION 40
Which type of codes can a barcode laser scanner (linear scanner) read?

A. QR codeB. Aztec codeC. Numerical codeD. 1D barcode

Answer: D

Explanation:
One-dimensional (or 1D) barcodes systematically represent data by varying the widths and spac-ings of parallel lines. These include some of the most traditional and well-recognized barcode types, such as the UPC and EAN codes. 1D barcodes are also commonly referred to as linear barcodes.
Two-dimensional (2D) barcodes look like squares or rectangles that contain many small, individual dots. QR codes, Data matrix and Aztec codes are examples of 2D barcodes Numerical code contains all numbers, no letters There are two different scan engine types (laser scanner versus imager) for interpreting the infor-mation provided in the barcode. Many companies producing the technology capable of reading the barcode data uses the term "scanning" regardless of the type of scan engine used. For the purposes of these FAQs, we are trying to draw a clearer distinction for you.
Linear (1D) codes can be scanned with a traditional laser scanner. A laser scan engine uses a laser and mirror to create the bar that scans the information. 1D barcode scanners will only interpret the linear barcode scanning technology. 1D barcode scanners are typically less expensive since the type of encryptions they can decode is limited.

LO 1, AC 1.2

 

NEW QUESTION 41
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