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Retail Service Specialists (NAVY) > Returns (P-487) > Flashcards

Returns (P-487) Flashcards

1
Q

What are the two types of inventory?

A

-Physical/Spot

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2
Q

What is the process of identifying, counting and evaluating all stock on hand at a specified time?

A

-Physical Inventory

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3
Q

When is a physical inventory taken?

A
  • At the end of each accounting period
  • upon relief of the sales officer
  • upon rotation of the responsible custodian
  • At any time directed by TYCOM, NEXCOM, C.O. SUPPLY OFFICER, and Sales Officer.
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4
Q

Who will conduct spot inventories in the bulk storerooms and the retail outlets at unannounced times?

A

-Sales Officer

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5
Q

How often will the sales officer conduct spot inventories and at what percentage?

A

-Weekly at 5%

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6
Q

The inventory Discrepancy Report will be signed and dated by what personal and filed in what file on the NC153?

A

-Sales Officer/ B28

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7
Q

Gains or losses are posted on what line of the NC153?

A

-B14

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8
Q

Who is responsible for a complete and accurate inventory?

A

-Sales Officer

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9
Q

What does PDT stand for?

A

-Portable Data Terminal

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10
Q

If a PDT is unavailable what will you use?

A

-Inventory Count Sheet

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11
Q

What document must accompany the inventory teams when a PDT is used for inventory?

A

-B28 (Consolidated Stock Record Listing)

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12
Q

All inventory teams will have how many persons assigned them?

A

-Two/ one person must be E5 or above

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13
Q

What person will not be assigned to an inventory at any time?

A

-Records keeper

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14
Q

Who will determine the number of inventory teams?

A

-Sales Officer

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15
Q

Who will be the inventory supervisor?

A

-Sales Officer

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16
Q

Normally who will assign one inventory team to an accountable space?

A

-Sales Officer

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17
Q

T/F the inventory pattern you should follow should be left to right and top to bottom?

A

-True

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18
Q

Before the inventory team who must verify that all receipt and expenditure documents and breakouts/break backs have been confirmed if necessary?

A

-Sales Officer

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19
Q

T/F no breakout will be made to any outlet until the NC153 is complete and the system is closed-out?

A

-True

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20
Q

Stock will not be moved from one place to another before completing what?

A

-Inventory

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21
Q

During the inventory, when the actual counts are not in progress, who will secure the spaces by replacing the locks and attaching a numbered car seal in the presence of the responsible custodian?

A

-Sales Officer

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22
Q

All credit memos and cash refunds that are outstanding will be inventoried as part of what inventory?

A

-Bulk Inventory

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23
Q

Copies of all outstanding credit memos and cash refunds are contained in what file?

A

-WF-4

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24
Q

After the Inventory Count Sheet has been updated with the inventory what report will be printed?

A

-Inventory Discrepancy Report

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25
Q

The inventory will remain unconfirmed until what personal validates all discrepancies from the Inventory Discrepancy Report?

A

-Sales Officer

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26
Q

Who will assign a team to verify the items reported on the Inventory Discrepancy Report?

A

-Sales Officer

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27
Q

Who will sign the Inventory Count Report?

A

-Sales Officer and all members of the inventory count team

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28
Q

On what line of the NC153 would you file the Inventory Count Report and the Inventory Discrepancy Report?

A

-B28

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29
Q

The financial difference is reported where on the NC153 after the inventory is confirmed and all cash is posted?

A

-Back of the NC153

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30
Q

Any gains and losses are reported on what line of the NC153 and ultimately absorbed as an operating expense on what line of the NC153?

A

-B14 (Loss or gain) /C12 (Operating Expenses)

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31
Q

T/F Stock record cards quantities are adjusted upon confirmation of an inventory?

A

-True

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32
Q

Upon closeout of the current accounting period, what inventory becomes the opening inventory for the new accounting period?

A

-Ending

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33
Q

What will automatically compute the amount of the gross profit generated for each item and by each location based on sales?

A

-ROM

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34
Q

Financial differences are identified by reviewing what column on the Back of 153 after confirming an inventory for EPOS and NON-EPOS outlets?

A

-Net Difference

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35
Q

Financial differences are divided into how many levels?

A

-Three

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36
Q

What is Level 1 Difference Concern?

A

-Below 1% at $1,500.00

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37
Q

What is Level 2 Difference Caution?

A

-Above 1% at $1,500.00

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38
Q

What is Level 3 Difference Adverse

A

-Above 3% at $3,000.00

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39
Q

The ship has how many working days to resolve a Level 2 Difference?

A

-Five Working days

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40
Q

If the ship is unable to resolve a level 2 difference who must they contact?

A

-Fleet Assistance Team

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41
Q

The Fleet Assistance teams have how many days to resolve a Level 2 Difference?

A

-10

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42
Q

The ship has how many days to resolve a level 3 difference?

A

-Five

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43
Q

If the ship is unable to resolve a level 3 difference who must be contacted?

A

-TYCOM and Fleet Assistance Team

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44
Q

For a level 3 difference, a letter must be submitted to whom?

A

-TYCOM / with copy to DFAS

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45
Q

What is the purpose of returns?

A

-Establish accountability

46
Q

The sales officer will render returns on the NC153 within how many days following the end of the accounting period?

A

-15 days

47
Q

What are the two types of Returns?

A

-Four Month and Merged Returns

48
Q

The sales officer will submit ship’s store returns for four month periods ending what dates?

A

-31 January, 31 May, and 30 September

49
Q

Returns may be merged, if the total of the normal accounting period and the merged period does not exceed how many months consecutive?

A

-5 months

50
Q

Returns for fractional period may be merged with the returns for the previous or subsequent accounting period except for 30 September accounting period without written authorization from whom?

A

-C.O.

51
Q

When returns are merged ships will notify what activities by email?

A
  • NEXCOM
  • TYCOM
  • DFAS
  • NEXCOM
  • TYCOM
  • DFAS
52
Q

Returns may not be merged for the ending 30 September without approval from whom?

A

-NEXCOM

53
Q

T/F Rom does not allow any corrections to financial documents after it has been confirmed?

A

-True

54
Q

When returns can or cannot be submitted on or before the date required, the ship must notify via email, salts or naval message to whom?

A

-NEXCOM /Copy to DFAS and TYCOM

55
Q

Returns weighing 13 ounces or less will be forwarded by what type of mail?

A

-First Class Mail

56
Q

Returns weighing 13 ounces or more will be forwarded by what type of mail?

A

-Military Official Mail (MOM)

57
Q

For training purposes a NC153 and Back of NC153attcached with e accounting period ending 30September will be mailed to where?

A

-Navy Supply Corps School /NEWPORT, RI

58
Q

An Original and how many copies of the NC153 will be prepared at the end of each accounting period?

A

-Three

59
Q

What OPNAV represents the manpower document?

A

-OPNAV 1000/2

60
Q

What are the Authorized inventory levels for ships Conus and Ships Deployed?

A
  • $102.00 (Conus)

- $204.00 (Ships Deployed)

61
Q

What is the purpose of ships store returns:

A

a. Establish accountability,
b. Furnish operational information to NEXCOM and TYCOM,
c. Establish the bases for the analysis, segregation, and presentation of appropriation and cost accounting charges

62
Q

The sales officer will render returns on what form?

A

NAVCOMPT 153

63
Q

How many days following the end of the accounting period must the NAVCOMPT 153 be submitted?

A

15 days

64
Q

Returns will be submitted to whom?

A

DFAS

65
Q

What are the 2 types of returns?

A

4-month & Merged Returns

66
Q

Ships store returns will be submitted by the sales officer for 4-month periods ending on what days?

A

a. 31 January
b. 31 May
c. 30 September

67
Q

Under what conditions can returns be merged?

A

If the total of the normal accounting period and the merged period does not exceed 5 consecutive months

68
Q

Returns may NOT be merged for the accounting period ending on what date?

A

30 September

69
Q

When returns are merged, ships will notify what 3 people by Email?

A

NEXCOM, TYCOM, & DFAS

70
Q

ROM does not allow what to financial documents after the information has been confirmed?

A

Any corrections

71
Q

When returns cannot be submitted on time, the ship must notify what 3 people?

A

NEXCOM, TYCOM & DFAS

72
Q

When mailing returns, how should it be packed?

A

Unfolded and flat

73
Q

Sales officer’s name, UIC, and ships name will be shown on what location of the package?

A

Upper left corner

74
Q

Returns weighing 13 ounces or less will be mailed how?

A

1st class mail

75
Q

Returns weighing over 13 ounces will be mailed how?

A

Military Official Mail (MOM)

76
Q

One copy of the NAVCOMPT 153 for the accounting period ending 30 Sep will be mailed where?

A

Navy Supply Corps School, Newport RI

77
Q

NAVCOMPT 153:

A

Ship’s Store Balance Sheet & Profit and Loss Statement

78
Q

An original and how many copies of the NAVCOMPT 153 will be prepared at the end of each accounting period?

A

3 copies

79
Q

What document is used as a report of the total income from sales, cost of stock, and other operating expenses that is used to compute the net profit for the accounting period?

A

The profit and Loss statement

80
Q

In what location on the NAVCOMT 153 are the dates of the beginning and the end of the accounting period?

A

The top left

81
Q

The total value of receipts from purchases should match what?

A

The sum of monthly transmittals of receipt documents

82
Q

The total value of receipts from OSO is reported and itemized where?

A

Journal of Receipts (B0/B05 Report)

83
Q

What line numbers of the NAVCOMPT 153 make up the receipts section?

A

B01-B08

84
Q

The total value of all ship’s store stock at the beginning of the accounting period is reported where?

A

Line B08- (Opening inventory)

85
Q

The total amount of expenditures must equal what amount?

A

The amount on line B09- (Total receipts)

86
Q

The total value of the ships store stock that was surveyed to the NWCF is reported on what line of the NAVCOMPT 153?

A

B15

87
Q

To ensure both figures match, the Retail Cash Collection Report will be compared by the sales officer against what form?

A

Monthly memorandum cash sales invoice deposit of cash

88
Q

The total of lines B10 through B27 divided by B08 will give you the ratio of stock turned over during the accounting period. If the total of lines B10 through B27 is 43,676 and B08 is 156,142, what will be the ratio of stock turned over during the accounting period?

A

.28

89
Q

Define retail sales?

A

The total cash received from sales in retail stores and all non-EPOS outlets (except canned vending)

90
Q

Hare are net funds available for transfer to recreation fund (C24B) calculated?

A

Line C24 (minus) C24A

91
Q

How is operating profit (C25) computed?

A

Line C02 (minus) C10 – C14B

92
Q

Information to be attached to the NAVCOMPT 153?

A

a. Back of 153 Report

b. Emblematic Listing Report

93
Q

How will the ship’s version of the NAVCOMPT 153 be distributed?

A

c. Copy- TYCOM
d. Copy- Filed in Retained Returns
e. Copy- to navy Supply Corps School (30 Sep)

94
Q

What document is prepared for the money value of the ships store stock on hand at the time of relief?

A

DD 1149

95
Q

The original DD 1149 will be submitted with what?

A

The 1st set of returns submitted by the relieving officer

96
Q

If the relieving officer is not satisfied that accountability has been established, who will close out records and render returns?

A

The detaching Sales Officer

97
Q

When assuming responsibility and accountability of the sales division, a letter of relief is submitted by the relieving officer to whom?

A

CO

98
Q

At a minimum, what 4 things should the letter of relief submitted by the relieving officer contain?

A

a. Outstanding liabilities such as loans,
b. Unmatched expenditures amount,
c. If operation is in sound financial condition,
d. If any equipment is in CASREP status

99
Q

What is the definition of Operational Debt?

A

Negative profit as reported on the closing accounting period NAVCOMPT 153 Report

100
Q

What is the definition of Infrastructure Debt?

A

Expenses incurred by a ship for ship’s store modernization projects and expenses associated with the procurement of equipment

101
Q

Before the disestablishment of a ships store, who will report by letter to NEXCOM the authority under which the action is being taken?

A

CO

102
Q

A copy of this letter will be forwarded to whom?

A

TYCOM & DFAS

103
Q

Upon inactivation of a ship, all vending machines will be turned in to the nearest shore supply support activity using what form?

A

DD 1149

104
Q

What statement will the DD 1149 contain?

A

“Hold pending instructions from NEXCOM”

105
Q

The DD 1149 will contain what information?

A

a. Date of purchase, if known
b. Manufacturer’s name, model, type
c. General statement of the condition

106
Q

Upon disestablishment or inactivation of a ships store, AT&T Phone Card machines and leased vending machines will be disposed how?

A

Turned over to the respective vendors

107
Q

What must be done immediately upon notification that the ships store will be disestablished?

A

Inventory

108
Q

The procurement of all ships store stock will cease how many days before the disestablishment of the ships store?

A

30 days

109
Q

Emblematic items will be marked down or surveyed as necessary to dispose of how many days before disestablishment?

A

30 days

110
Q

Upon deactivation or decommissioning of a ship, what statement will be entered on the NAVCOMPT 153 for returns?

A

“Final Returns” in red ink

Retail Service Specialists (NAVY) (21 decks)

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