Inventory Counting: Process & Methods


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What do we call items on hand that are considered assets to a business and are used to bring in income?

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1. Which of the following is NOT a part of the inventory process?

2. Inventory that is overstated means that the amount of inventory reported is _____ is actually on hand.

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About This Quiz & Worksheet

Make sure you understand how inventory can be counted with this quiz and worksheet. The questions on this quiz will also ensure that you understand the importance of taking an accurate inventory.

Quiz & Worksheet Goals

This quiz will test your knowledge of:

  • Parts of the inventory process
  • The effects of overstated inventory
  • Problems with understated inventory

Skills Practiced

As you complete this quiz and worksheet, you will have the chance to practice the following study skills:

  • Reading comprehension - ensure that you draw the most important information from the related lesson on inventory counting
  • Information recall - access the knowledge you've gained regarding items that businesses keep on hand
  • Knowledge application - use your knowledge to answer a question about how the misstatement of inventory affects businesses

Additional Learning

You can increase what you know about different methods of counting inventory by reviewing the lesson associated with this quiz, entitled Inventory Counting: Process & Methods. Study this lesson and you'll find out more about:

  • The connection between inventory and assets
  • Important reasons to take inventory
  • Steps involved with completing an inventory