Inventory


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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. 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 ?
About half of the total rice inventory during the reference period or about 49.08 percent were held by households, while 44.27 percent were in commercial warehouses.
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Although (he terms are often used interchangeably, it is important to distinguish between a "write-off and a '"write-down" of inventory. The latter occurs when a company reduces the value of an asset on its books; this differs from tine former, which eliminates an asset completely from a company's books.
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Choose the right inventory improvement initiatives for your company.
CoreLogic's data shows that of the i.6 million properties in the shadow inventory, 800,000 are seriously delinquent, 410,000 are in some stage of foreclosure and 400,000 are already in REO status.
The proposed regulations exclude sales-based vendor allowances from the numerator (the cost of beginning inventory and the cost of purchases) of the cost-to-retail ratio.
Iyengar (1980) in his research work entitled, An Empirical Study on Inventory Management Practices in Indian Industry mainly deals with the responsibility of company management for better inventory management.
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