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 ?
GAO's statistical tests of IT equipment inventory controls from February through May 2008 at four locations identified continuing control weaknesses, including missing items, lack of accountability, and errors in IT equipment inventory records.
Still, doing a good job of managing capital assets and equipment inventory requires cooperation across many functions of the institution: purchasing, business office, physical plant operations, grants management, principal investigators, space planning, and others.
Forty-seven percent of dealers are carrying less new equipment inventory in 2001.
An easy-to-use graphic interface helps staff manage all emergency alarms, as well as client records and equipment inventory. Administrators can generate predefined reports or export data to leading software packages to create customized reports.

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