Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Inventory
n. 1. A detailed list of assets <make an inventory of the estate>. 2. Accounting. The portion of a financial statement reflecting the value of a business's raw materials, works-inprogress, and finished products <the company's reported inventory was suspiciously low>. 3. Raw materials or goods in stock <the dealership held a sale to clear out its October inventory. 4. Bankruptcy. Personal property leased or furnished, held for sale or lease, or to be furnished under a contract for service; raw materials, work in process, or materials used or consumed in a business, including farm prodicts such as crops or livestock <the debtor was ound to have inventory that was valued at x;,300,000>. - inventory, ub. "Section 547 itself defines inventory' and receivable.' Do not use the U.C.C. definitions of these terms, or the definitions of them learned in business law classes. It is especially important to note that, for purposes of section 547, inventory' includes
benefit of inventory.
Civil law. The principle that an heir's liability for estate debts is limited to the value of what is inherited, if the heir so elects and files an inventory of the estate's assets. - Also termed benefice d'inventaire.
inventory fee
A probate court's fee for services rendered to a decedent's estate.
inventory search
A complete search of an arrestee's person before being booked into jail. ( All possessions found are typically held in police custody.
inventory-turnover ratio
Accounting. The result of dividing the cost of goods by the average inventory. ( This calculation is used to determine the effectiveness of the company's inventory-management policy.
physical-inventory accounting method
See ACCOUNTING METHOD.