Inventory

Inventory,

Definition of Inventory:

  1. An itemized catalog or list of tangible goods or property, or the intangible attributes or qualities.

  2. Make a complete list of.

  3. A complete list of items such as property, goods in stock, or the contents of a building.

  4. The value of materials and goods held by an organization (1) to support production (raw materials, subassemblies, work in process), (2) for support activities (repair, maintenance, consumables), or (3) for sale or customer service (merchandise, finished goods, spare parts).

    Inventory is often the largest item in the current assets category, and must be accurately counted and valued at the end of each accounting period to determine a companys profit or loss. Organizations whose inventory items have a large unit cost generally keep a day to day record of changes in inventory (called perpetual inventory method) to ensure accurate and on-going control. Organizations with inventory items of small unit cost generally update their inventory records at the end of an accounting period or when financial statements are prepared (called periodic inventory method). The value of an inventory depends on the valuation method used, such as first-in, first-out (FIFO) method or last-in, first-out (LIFO) method. GAAP require that inventory should be valued on the basis of either its cost price or its current market price whichever is lower of the two to prevent overstating of assets and earning due to sharp increase in the inventorys value in inflationary periods. The optimum level of inventory for an organization is determined by inventory analysis. Called also stock in trade, or just stock.

Synonyms of Inventory

List, Listing, Catalogue, Directory, Record, Register, Checklist, Tally, Roster, File, Log, Account, Archive, Description, Statement, Abundance, Account, Account book, Accounts, Accounts payable ledger, Accounts receivable ledger, Accumulation, Active list, Add up, Amassment, Annals, Assemblage, Assembly, Audit, Backlog, Balance, Balance sheet, Balance the books, Bank ledger, Bankbook, Blacklist, Body count, Book, Books, Budget, Calendar, Call-up, Canvass, Capitulation, Card ledger, Cashbook, Cast up, Catalog, Catalog goods, Census, Check, Check out, Checklist, Chronicle, Cipher up, Civil list, Code, Collection, Colligation, Collocation, Combination, Commissariat, Commissary, Commodities, Comparison, Composition, Concourse, Concurrence, Confluence, Conflux, Congregation, Constituents, Consumer goods, Consumer items, Content, Contents, Convergence, Cornucopia, Corralling, Correspondence, Cost card, Cost ledger, Cost sheet, Count, Count up, Cumulation, Data-gathering, Daybook, Demonstrate, Detail, Digest, Divisions, Documentation, Double-check, Dump, Effects, Elements, Enroll, Enter, Enumerate, Enumeration, Factory ledger, Figure up, File, Foot up, Fund, Gathering, Goods, Goods for sale, Guts, Head count, Heap, History, Hoard, Impanel, Index, Ingathering, Ingredients, Innards, Insides, Inspect the books, Itemization, Itemize, Items, Job lot, Journal, Junction, Juxtaposition, Keep score, Larder, Ledger, Letters, Line, Line of goods, List, Log, Logbook, Mail-order goods, Mass, Material, Materials, Materiel, Memorial, Merchandise, Mobilization, Munitions, Muster, Nest egg, Nose count, Overhaul, Part, Parts, Passbook, Pigeonhole, Pile, Pipe roll, Plenitude, Plenty, Post, Program, Prove, Provisionment, Provisions, Purchase ledger, Rations, Recap, Recapitulate, Recapitulation, Recite, Reckon up, Reckoning, Record, Record book, Recording, Recount, Recounting, Register, Registry, Rehearsal, Rehearse, Relate, Relic, Remains, Repertoire, Repertory, Reservoir, Retired list, Rick, Rodeo, Roll, Rolls, Roster, Rota, Roundup, Sales journal, Sales ledger, Schedule, Score, Score up, Scroll, Sick list, Sideline, Stack, Staples, Statement, Stock, Stock ledger, Stock-in-trade, Stockpile, Store, Stores, Stores ledger, Sum, Sum up, Summarize, Summary, Summate, Summation, Summing, Summing up, Supplies, Supply on hand, Survey, Suspense ledger, Synopsize, Table, Table of organization, Tabulate, Take account of, Take stock, Tally, Tally sheet, Tally up, Token, Tot up, Total, Total up, Tote up, Trace, Treasure, Treasury, Vendibles, Verify, Vestige, Wares, Whole

How to use Inventory in a sentence?

  1. I inventoried his collection of drawings.
  2. About 6 per cent of the slaves listed as sick in inventories of sugar properties suffered from cansa├žo or exhaustion.
  3. The inventory was stocked full last May but now it is depleted so must get in contact with our supplier.
  4. I had to check my inventory to see if I had enough healing potions to go to the next stage of the game.
  5. The grocery store around the corner has a large inventory of locally grown fruits, vegetables, and antibiotic free meats available for sale.

Meaning of Inventory & Inventory Definition