5. If a company returns an item to a supplier, the supplier will record the return as

	a sales discount
	a purchase return
	shrinkage
	a sales return

6. When a customer returns for credit a defective product it had purchased, the seller would record the transaction using which of the following accounts?

	Purchase Returns & Allowances
	Sales Returns & Allowances
	Sales Revenue
	Sales Discounts

7. Which of the following is NOT a primary goal of inventory management?

	Minimizing the costs of acquiring and carrying inventory
	Obtaining the lowest cost of inventory
	Ensuring sufficient quantities of inventory are available to meet customers needs
	Ensuring inventory quality meets customers expectations and company standards

8. Which of the following is NOT one of the primary goals of inventory management?

	Maintain a sufficient quantity of inventory to meet customer needs
	Ensure inventory quality meets customers expectations and company standards
	Minimize the cost of acquiring and carrying inventory (including costs related to purchasing, production, storage, spoilage, theft, obsolescence, and financing).
	Minimize the quantity of ending inventory