Inventory


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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 periodicals archive ?
If the taxpayer voluntarily makes this change by filing Form 970, Application to Use LIFO Inventory Method, there is no guarantee of eliminating exposure in prior years (i.
Conversely, in a period of declining prices or inventory levels, the LIFO method will produce higher taxable profits.
The recent rise in inventory is attributed both to newcomers taking advantage of rapid appreciation and capital gains, as well as longtime residents looking to cash out.
Of course, getting everything barcoded and entered into the inventory in the first place can be an overwhelming task if you try to do it with in-house staff.
NVC leads to several improvements in sourcing and e-procurement, inventory management, transportation and warehousing, lean manufacturing, and tax-effective strategies - all of which help supply chains adjust to market conditions.
Documentation formats, such as invoices and purchase orders, are thorough and can be customized to fit your particular inventory situation.
The obvious way to increase inventory asset value is to create various records for items that do not exist: unsupported journal entries, inflated inventory count sheets, bogus shipping and receiving reports and fake purchase orders.
A recent survey by AMR Research found that excess consumer goods inventory will exceed $60 billion in the U.
The information received is input into a specially-developed software program that monitors inventory levels by tracking the life cycle of each shipping container.
MP-2 for Windows schedules preventive maintenance, generates work orders, tracks inventory and labor, creates purchase orders, and performs statistical predictive-maintenance (SPM) analyses.
The Wilderness Society inventory shows that 934,600 acres of the remaining ancient forest are permanently protected in congressionally designated wilderness, special areas, and Research Natural Areas (RNAs); an additional 1,088,500 acres would be protected if the HCAs were adopted.
Retailers can utilize this application today independent of their existing Enterprise Resource Planning (ERP) systems and should they choose to implement RFID inventory tracking, then inventory results are verified to the buyer within seconds, without human interaction," explained Mr.