inventory

In business, any item of property held in stock by a firm, including finished goods held for sale, goods in the process of production, raw materials, and items that will be consumed in the process of producing salable goods. Inventories appear on a company's balance sheet as assets. Inventory turnover, which indicates the rate at which goods are converted into cash, is a key factor in appraising a firm's financial condition. For financial statements, inventories may be priced either at cost or at market value.

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.

Mentioned in	?		References in classic literature	?		Encyclopedia browser	?		Full browser	?
No references found	These gentlemen, having pen, ink, and paper, about them, made an exact inventory of every thing they saw; and when they had done, desired I would set them down, that they might deliver it to the emperor. Gulliver's Travels by Swift, Jonathan View in context They rightly claimed that "Tom" was lawfully their property and had been so for eight years; that they had already lost sufficiently in being deprived of his services during that long period, and ought not to be required to add anything to that loss; that if he had been delivered up to them in the first place, they would have sold him and he could not have murdered Judge Driscoll; therefore it was not that he had really committed the murder, the guilt lay with the erroneous inventory. Pudd'n'head Wilson by Twain, Mark View in context I found myself in a salon with a very well-painted, highly varnished floor; chairs and sofas covered with white draperies, a green porcelain stove, walls hung with pictures in gilt frames, a gilt pendule and other ornaments on the mantelpiece, a large lustre pendent from the centre of the ceiling, mirrors, consoles, muslin curtains, and a handsome centre table completed the inventory of furniture. The Professor by Bronte, Charlotte View in context	invariable invariable line invariable plane Invariance invariance principle invariance principles invariant invariant function invariant measure invariant plane invariant property invariant subgroup invariant subspace Invariants Invasion Invasion ecology invasion efficiency Invasion from Mars Invasiveness Invective Inventari Invention Invention, Law of Inventions, Classification of Inventiveness Inventory inventory control Inventory Regulations Inver Grove Heights Inveraray Invercargill Inverchapel of Loch Eck, Archibald John Kerr Clark Kerr, 1st Baron Inverclyde Invergordon Revolt Of 1931 inverna Inverness Inverness-shire inverse Inverse Address Resolution Protocol inverse addressing inverse beta decay inverse bremsstrahlung inverse cam inverse comment convention inverse Compton effect inverse condemnation inverse cosecant inverse cosine inverse cotangent inverse current inverse curves	inventorial inventorial inventorial inventorial inventorial inventorially inventorially inventorially inventorially inventorially inventoried inventoried inventoried inventoried inventoried inventories inventories inventories inventories inventories Inventors Inventors Inventors club Inventors club Inventors Club of Kansas City Inventors Clubs Inventors Clubs Inventors Headquarters Inventors Workshop International Education Foundation Inventors' Association of New England Inventory Inventory & Appraisement Inventory & Storage inventory accounting inventory accounting Inventory Adjustment Decrease Inventory Adjustment Document Inventory Adjustment Increase Inventory Adjustment Rate Inventory Adjustment Report Inventory Adjustment Voucher Inventory and Evaluation of Clinical Research Networks Inventory And Management Analysis Inventory and Monitoring Inventory Automation Inventory Availability Date Inventory Carry Value Inventory Carrying Cost Inventory Change Report inventory control inventory control inventory control Inventory Control and Quality Assurance Inventory Control And Supervisory Support System Inventory Control Center/Code Inventory Control Effectiveness Inventory Control Management For Process inventory control point inventory control point

Mentioned in

References in classic literature

Encyclopedia browser

Full browser

No references found

These gentlemen, having pen, ink, and paper, about them, made an exact inventory of every thing they saw; and when they had done, desired I would set them down, that they might deliver it to the emperor.

Gulliver's Travels by Swift, Jonathan View in context

They rightly claimed that "Tom" was lawfully their property and had been so for eight years; that they had already lost sufficiently in being deprived of his services during that long period, and ought not to be required to add anything to that loss; that if he had been delivered up to them in the first place, they would have sold him and he could not have murdered Judge Driscoll; therefore it was not that he had really committed the murder, the guilt lay with the erroneous inventory.

Pudd'n'head Wilson by Twain, Mark View in context

I found myself in a salon with a very well-painted, highly varnished floor; chairs and sofas covered with white draperies, a green porcelain stove, walls hung with pictures in gilt frames, a gilt pendule and other ornaments on the mantelpiece, a large lustre pendent from the centre of the ceiling, mirrors, consoles, muslin curtains, and a handsome centre table completed the inventory of furniture.

The Professor by Bronte, Charlotte View in context

invariance principles