Inventory types

Knowing the value of goods is a common task in companies, as well as in other situations where you want to know exactly what you have and what its value is. In companies it is important to establish a relationship between the patrimonial elements with their value, this is called Inventory. Thus making an inventory consists of analyzing the elements of a heritage, describing and analyzing them.

In order to carry out an inventory, we must first proceed with the identification of the existing patrimonial elements, later we must describe each element presented and classify it by the existing classes, finally, a value must be attributed to each patrimonial element, that is, perform the valuation.

Inventories can be:

  • General – in this case, it focuses on all the elements that constitute a given patrimony, thus all the patrimonial elements appear (a complete description of the company is made);
  • Partial – in this case, it only covers some of the equity elements, that is, only part of the company’s equity elements are included.
  • Simple – the elements appear arranged without attending to any order, in this case the elements simply appear in a list.
  • Classified – the elements obey several orders, such as: according to their nature, characteristic or function.

Better accounting information can be obtained from general and classified inventories.

Finally, inventories can still be classified:

  • Ordinary – they are carried out periodically, that is, they are regular and predictable;
  • Extraordinary – they are only prepared as a result of exceptional conditions, that is, they are unpredictable (Example: by leaving a partner, by selling the capital to third parties, among others)

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