inventory


Also found in: Dictionary, Thesaurus, Medical, Financial, Acronyms, Idioms, Encyclopedia, Wikipedia.

Inventory

An itemized list of property that contains a description of each specific article.

Inventory of a company, for example, is the annual account of stock taken in the business, or the quantity of goods or materials in stock. The term is also used to describe a list made by the executor or administrator of the estate of a deceased individual.

inventory

noun catalogue, checklist, contents, enumeration, index, itemization, itemized list, list, list ofproperties, manifest, merchandise list, record, register, schedule of articles, stock book, stock list, stock sheet, tally sheet
Associated concepts: inventory of assets
See also: check, depository, enumerate, index, inspection, invoice, itemize, relate, roll, schedule, stock, store, tabulate

INVENTORY. A list, schedule, or enumeration in writing, containing, article by article, the goods and chattels, rights and credits, and, in some cases, the lands and tenements, of a person or persons. In its most common acceptation, an inventory is a conservatory act, which is made to ascertain the situation of an intestate's estate, the estate of an insolvent, and the like, for the purpose of securing it to those entitled to it.
     2. When the inventory is made of goods and estates assigned or conveyed in trust, it must include all the property conveyed.
     3. In case of intestate estates, it is required to contain only the personal property, or that to which the administrator is entitled. The claims due to the estate ought to be separated; those which are desperate or had ought to be so returned. The articles ought to be set down separately, as already mentioned, and separately valued.
     4. The inventory is to be made in the presence of at least two of the creditors of the deceased, or legatees or next of kin, and, in their default and absence, of two honest persons. The appraisers must sign it, and make oath or affirmation that the appraisement is just to the best of their knowledge. Vide, generally, 14 Vin. Ab. 465; Bac. Ab. Executors, &c., E 11; 4 Com. Dig. 14; Ayliffe's Pand. 414; Ayliffe's Parerg. 305; Com. Dig. Administration, B 7; 3 Burr. 1922; 2 Addams' Rep. 319; S. C. 2 Eccles. R. 322; Lovel. on Wills; 38; 2 Bl. Com. 514; 8 Serg. & Rawle, 128; Godolph. 150, and the article Benefit of Inventory.

References in periodicals archive ?
For example, retail grocers using the IPIC pooling method for LIFO inventory may not be using the LIFO method to account for their produce, bakery and deli departments; these departments would usually fall within the IPIC pools used by retail grocers.
Moreover, taxpayers may only use the LIFO method if their financial accounting treatment of inventory conforms with their tax accounting method.
A major part of this simplification process involves the shift to a much simpler inventory valuation system.
Unlike the condominium and co-op markets, the townhouse market initially experienced an increase in inventory from March 2003 through December" 2003, but has been experiencing a decrease from January 2004 through July 2004.
Our goal is to exceed customer expectations by establishing higher levels of service, the requisite inventory, and enhanced satisfaction," he says.
Other options include FAS Asset Inventory and NetLedger 5.
Dishonest organizations usually use a combination of several methods to commit inventory fraud: fictitious inventory, manipulation of inventory counts, nonrecording of purchases and fraudulent inventory capitalization.
Traditionally, barter exchanges have been unable to facilitate trade between small businesses and large corporations because retail exchanges were simply too small to provide a sufficient outlet for the inventory available from large corporations," says Bigvine CEO Debra Chrapaty.
relieves manufacturers from the continual burden of inventory monitoring, reordering and storage.
Other abilities include barcode and CAD support, data export, inventory label printing, and search capabilities.