-An inventory is a detailed list of items.It can be prepared for the purpose of:insurance or to
show clear records of the property a person or a company has e.g a school has
buildings,furniture,stationery,office equipment library books,kitchen provisions and sporting
equipment.
-An inventory contains details about:
-quantity of the item
-description of the item
-date of purchase or delivery
-date of issue
-signature of the person removing it from the store
-balance of each item after the issue
Importance of an inventory
-it is used to:
- Keep a check on what you have
- Provide basic information for quick auditing in a big institution
- Keep a record of what needs to be replaced or repaired
- Eliminate pilfering (stealing)
- Ease the job of management
- Give information on items that need constant replacement
marto answered the question on April 15, 2019 at 05:35
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