Complete Physical Inventory Sample

Question 1

What is used to create a physical inventory list?

Answer 1

FLS MAM

Question 2

What i the PICO

Answer 2

Physical inventory control officer

Question 3

How long do random samples/inventory check documents need to be kept

Answer 3

Evidential documentation for all physical inventories shall be kept for a period of 3 fiscal years plus the current year.

Question 4

What are the 3 steps for a physical inventory

Answer 4

Schedule, execute, and finalize

Question 5

What is necessary to be a PICO at your unit

Answer 5

The PICO should be a primary and alternate designated in writing by the CO/OIC

Question 6

What is an RA and what’s the impotence behind the role?

Answer 6

Reaseach/adjustment analysts
Should be someone who is familiar with the inventory and storerooms

Question 7

How many people are needed for the count team?

Answer 7

At least two and they may not be someone who is assigned as the PICO or RA