TeachMeFinance.com - explain Inventory
inventories -- Stocks of goods held by businesses for further processing or for sale.
Inventory -- Merchandise that is purchased and/or produced and stored for eventual sale.
Inventory -- Any list of articles or goods. The law requires that an inventory shall be attached to certain special documents, and in other cases an inventory is found advantageous for reference or comparison. Thus, an inventory is always attached to a bill of sale, a hire-purchase agreement, a marriage settlement, etc. When a distress (q.v.) is levied, an inventory must always be made of the goods and chattels which are seized. Again, an executor or an administrator must always make a "complete list or inventory of all the goods, chattels, wares, and merchandise of the deceased person whose estate is entrusted to his care for administration. And lastly, when a furnished house is let, it is the invariable practice for the parties to draw up an inventory in duplicate, so that a settlement may be arrived at when the tenancy terminates.
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