Unit 5 - Physical Inventory Flashcards
These are conducted using the closed warehouse method for inventories
Complete Inventory Counts
Who assigns and controls freeze code “C”
Physical Inventory Control Section
How many freeze code/s may be assigned to an item record
One Freeze Code
Who is responsible for the safekeeping and management of inventories and must use the Physical Inventory Control Program (PICP) as guidance for any materiel under their control and supervision?
LRS CC / APO
What must the LRS CC / APO use for the safekeeping and management of inventories? this is guidance for any materiel under their control or supervision
Physical Inventory Control Program (PICP)
Complete inventory counts will only be accomplished by what method?
Closed warehouse method
These are authorized to ensure the accuracy of base materiel inventory records
Complete and Special Inventory Counts
This is conducted using the closed warehouse method for inventories
Complete Inventory Counts
Where can we find the procedures for conducting complete inventory counts?
DAFMAN 23-122, Materiel Management Procedures, Sec 5.7, Physical Inventory, and Inventory Adjustments
This freeze code designates items under complete inventory and is automatically assigned as the result of Inventory Count Record processing
Freeze Code C
Physical Inventory Control Section is responsible for maintaining what file?
suspense notice file
Who is responsible for maintaining the suspense notice file?
Physical inventory Control Section
Where are emergency issues recorded?
Inventory Recap Sheet
During this count, we reconcile out-of-balance conditions discovered other than complete inventory counts
Special Inventory Counts
Required for insufficient balances or warehouse refusal
Inventory Interrogations
Special Inventory Counts will be accomplished, and adjustments made without delay no later than _____ days.
30 days
The purpose of the ______________________ is to assign freeze code “I” to the item and detail records when an out-of-balance condition exists.
Special Inventory Interrogation Input (1GP)
What will the freeze code “I” produce? This contains the asset, detail, and history information.
Special Inventory Count Output (SRCs) Notice
Who assigns the freeze code to initiate a special inventory?
Physical Inventory Control Secton AND Warehouse Personnel
Within the LRS, who will establish an inventory schedule by fiscal year?
Physical Inventory Control Section
Who has the authority to conduct inventories more frequently for assets on their accountable record?
LRS CC / APO
How often does Physical Inventory Control Section establish an inventory schedule?
Every Fiscal Year
What is the preferred method for inventory procedures?
ILS-S Inventory Function
What will AFMC SCM-R Computer Operations Activity use to submit inventory request?
AF Form 1991
When do you submit the inventory request?
One day before the inventory count deadline date
