Legal Definition and Related Resources of Inventory
Meaning of Inventory
An itemized list of goods , showing the number and usually the value thereof. The goods and stock so itemized. under uniform commercial code , goods which are held for sale or lease are classified as inventory rather than consumer goods, equipment or farm products, the principal test to determine whether goods are inventory is whether they are held for immediate or ultimate sale and ir. borderline cases the principal use to which property is put should be considered as the determining factor . First state Bank i Producers livestock Marketing association Non-Stock Co-Op, (Neb.)216 N. W.2a 854.
Inventory Alternative Definition
A list, schedule, catalogue, or enumeration in writing, containing, article by article, the goods and chattels, rights and credits, and, in some cases, the lands and tenements, of a person or persons, without attempt to describe the same in detail. 217 111. 169. But enumerating them with reasonable particularity according to the well understood usage of business men. 20 Q. B. D. 114; 58 L. T. 34. A conservatory act, which is made to ascertain the situation’of an intestate’s estate, the estate of an insolvent, and the like, for the purpose of securing it to those entitled to it.
Financial Definition of Inventory
For companies: Raw materials, items available for sale or in the process of being made ready for sale. They can be individually valued by several different means, including cost or current market value, and collectively by FIFO, LIFO or other techniques. The lower value of alternatives is usually used to preclude overstating earnings and assets. For security firms: securities bought and held by a broker or dealer for resale.
Synonyms of Inventory
noun
- catalogue
- checklist
- contents
- enumeration
- index
- itemization
- itemized list
- list
- list of properties
- manifest
- merchandise list
- record
- register
- schedule of articles
- stock book
- stock list
- stock sheet
- tabula
- tally sheet
- Associated Concepts: inventory of assets
Related Entries of Inventory in the Encyclopedia of Law Project
Browse or run a search for Inventory in the American Encyclopedia of Law, the Asian Encyclopedia of Law, the European Encyclopedia of Law, the UK Encyclopedia of Law or the Latin American and Spanish Encyclopedia of Law.
Inventory in Historical Law
You might be interested in the historical meaning of this term. Browse or search for Inventory in Historical Law in the Encyclopedia of Law.
Legal Abbreviations and Acronyms
Search for legal acronyms and/or abbreviations containing Inventory in the Legal Abbreviations and Acronyms Dictionary.
Related Legal Terms
You might be also interested in these legal terms:
Mentioned in these terms
Browse
You might be interested in these references tools:
| Resource | Description |
|---|---|
| Inventory in the Dictionary | Inventory in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Inventory |
| Legal Maxims | Maxims are established principles that jurists use as interpretive tools, invoked more frequently in international law |
| Legal Answers (Q&A) | A community-driven knowledge creation process, of enduring value to a broad audience |
| Related topics | Inventory in the World Encyclopedia of Law |
Notice
This definition of Inventory is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
Vocabularies (Semantic Web Information)
| Resource | Description |
|---|---|
| Topic Map | A group of names, occurrences and associations |
| Topic Tree | A topic display format, showing the hierarchy |
| Sitemap Index | Sitemap Index, including Taxonomies |
| https://legaldictionary.lawin.org/inventory/ | The URI of Inventory (more about URIs) |
Inventory Definition (in the Accounting Vocabulary)
The New York State Society of Certified Public Accountants offers the following definition of Inventory in a way that is easy for anybody to understand: Tangible property held for sale, or materials used in a production process to make a product.
United States Tax Concept of Inventory
Items held for resale in a business.
United States Tax Concept of Last-in, First-out Inventory Valuation Method (LIFO)
A method of inventory valuation that assumes any inventory sold was from the last inventory purchased.
United States Tax Concept of Specific Identification Inventory Valuation Method
A method of tracking each specific item of inventory. Specific identification is usually used for large, easily traceable items, such as vehicles or furniture.
Concept of Inventory in the context of Real Property
Alternatives definitions of Inventory: (1) The goods of a business which are sold in the every day course of business, such as houses by a builder.
(2) A detailed list of property, such as of an estate.
Concept of Inventory in the context of Real Property
Alternatives definitions of Inventory: (1) The goods of a business which are sold in the every day course of business, such as houses by a builder. (2) A detailed list of property, such as of an estate.
Resources
Legal English Vocabulary: Inventory in Spanish
Online translation of the English legal term inventory into Spanish: inventario (English to Spanish translation) . More about legal dictionary from english to spanish online.
Related to the Legal Thesaurus
What is the meaning of Just-in-time (jit) Inventory Control?
A definition of Just-in-time (jit) Inventory Control is provided here: Arrangements for delivery of the smallest possible quantities at the latest possible time to keep inventory as low as possible.
Leave a Reply