Inventory


Also found in: Dictionary, Thesaurus, Medical, Legal, Financial, Acronyms, Idioms, Wikipedia.
Related to Inventory: inventory accounting, inventory control, Inventory management, Inventory turnover, inventory valuation

inventory

[′in·vən‚tȯr·ē]
(engineering)
The amount of plastic in the heating cylinder or barrel in injection molding or extrusion.

Inventory

 

the control of the presence and condition of material values (fixed and working capital) in kind as well as monetary resources, balances in bank accounts, and accounts with debtors and creditors. Taking inventory is one of the most important methods of control over the safeguarding of socialist property, over the qualitative preservation of raw and other materials and finished goods, and over the accuracy of warehouse management and current accounting. In the USSR, taking inventory is obligatory for all state, cooperative, and public enterprises, organizations, and institutions.

Inventories may be complete or partial, planned or unexpected. A complete inventory includes checking of all resources of the enterprise and of all its accounting relations; it is held on the basis of the Statute on Accounting Reports and Balances of State, Cooperative (Except Kolkhoz), and Public Enterprises and Organizations (this statute was confirmed by the Council of Ministers of the USSR of Sept. 12, 1951, with subsequent amendments and supplements). The purpose of a complete inventory is to ensure that the bookkeeping balances as of the end of the year are real and by the same token to prove the reality of the financial results of the enterprise’s activity as shown in these balances. Such an inventory is taken also at the time of organization or liquidation of an enterprise. Partial inventories are taken to check the existence of those resources which according to their physical properties are subject to natural loss when stored; they are also taken when writing off goods that have become worthless and when hiring personnel responsible for material values. Planned inventories are taken during the whole year according to a calendar chart confirmed by the manager of the enterprise or of the economic organization. Unexpected inventories are made to prevent embezzlement and misappropriation of material or monetary resources and to establish the extent of losses in case an embezzlement has taken place. Dates and the number of inventories during the year are established with due regard to different kinds of resources.

The taking of inventories is entrusted to a commission that is appointed by the manager of the enterprise and in which the chief (senior) accountant takes part. This commission is headed by the manager of the enterprise or by his deputy. The procedure of taking the inventory is determined by ministries and government departments.

References in classic literature ?
This is an exact inventory of what we found about the body of the man-mountain, who used us with great civility, and due respect to your majesty's commission.
The valet bowed and retired, and Albert returned to his inventory.
Afterwards he made a sort of inventory of the provisions.
Now he turned his attention to a hurried inventory of the new conditions which surrounded him since the moment of his incarceration.
He took an inventory of his guest, and appeared satisfied.
It would be necessary for him to examine the inventory of the vessel, and to decide questions, not very interesting to a woman, relating to charts and barometers, provisions and water.
It costs, alas, as much to enter on the duties of a minister as to retire from them; indeed, the entrance involves expenses of all kinds which it is quite impossible to inventory.
It is a pity there is no key, that we may make an inventory first.
With these remarks, combining great pleasantry with sound moral encouragement under difficulties, Mr Scaley proceeded to take the inventory, in which delicate task he was materially assisted by the uncommon tact and experience of Mr Tix, the broker.
Presently he began to inventory his assets, mentally, and shortly he found himself comparing them with those of his rival.
I will read the inventory," began Craven gravely, picking up one of the papers, "the inventory of what we found loose and unexplained in the castle.
What a disgrace is it to me to take note how many pairs of silk stockings thou hast, namely, these and those that were the peach-colored ones; or to bear the inventory of thy shirts, as one for superfluity, and one other for use