Which of the following statements is best?
I. It is not always practical to expect 100% inventory accuracy on all items.
II. "C" items should be expected to have a higher inventory accuracy than "A" items.
III. Tolerance is the amount of permissible variation between an inventory record and a physical count.
A) all the above
B) I and II only
C) I and III only
D) II and III only
E) I only.

Question

Quizplus · Accepted Answer

Statement I acknowledges that perfect inventory accuracy may not always be achievable, while Statement III defines tolerance as the acceptable level of inaccuracy. Statement II, however, is not entirely accurate as the accuracy of inventory items should not be determined solely based on their classification as "A" or "C" items.

Which of the Following Statements Is Best