Question

The primary objectives of control over inventory are a. reporting inventory in the financial statements and taking a physical inventory b. safeguarding inventory from damage and reporting inventory in the financial statements c. safeguarding the inventory from damage and maintaining constant observation of the inventory d. maintaining constant observation of the inventory and reporting inventory in the financial statements

Answer 1

Answer: The correct answer is "b."

Explanation: The primary objectives of control over inventory are safeguarding inventory from damage and reporting inventory in the financial statements.

An inventory control within a company is used for efficient management of the circulation and storage of goods and related information flow.