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.
McGraw-Hill Dictionary of Scientific & Technical Terms, 6E, Copyright © 2003 by The McGraw-Hill Companies, Inc.
The following article is from The Great Soviet Encyclopedia (1979). It might be outdated or ideologically biased.

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.

The Great Soviet Encyclopedia, 3rd Edition (1970-1979). © 2010 The Gale Group, Inc. All rights reserved.
References in periodicals archive ?
“This direct connection will allow hotels to improve the salability of their distressed inventory and remain visible in the Hotwire marketplace,” said Tara Stangel, Senior Director of Hotel Supplier Relations at Hotwire.com.
From the October issue: As the real estate industry scrambles to unwind billions of dollars in distressed inventory, a number of high-profile deals are stuck in neutral as lenders battle it out with each other to see who will get paid and who will be left holding the (empty) bag.
has amassed a distressed inventory worth more than $100 billion and includes 1,000 properties where the mortgage is in default, the owner is bankrupt or the property foreclosed.
The markdown activity is part of Linens 'n Things' stated goal of clearing distressed inventory during the initial turn-around phase.