inventories

Vocabulary Word

Definition

'Inventories' are detailed lists of goods, materials, or items that a business or individual has. These could be things for sale in a shop, or tools in a mechanic's garage.

Examples in Different Contexts

In humanitarian aid, 'inventories' of supplies are critical. A relief coordinator might declare, 'Effective management of inventories is vital to allocate resources where needed most, respond promptly to emergencies, and optimize relief efforts.'

Practice Scenarios

Business

Scenario:

Our sales have been exceeding expectations. We might need to increase our stock levels to meet demand.

Response:

You're right, our inventories should be increased to avoid running out of stock during peak hours.

Accounting

Scenario:

Our financials show a healthy turnover this fiscal year. Let's analyze our asset growth more closely.

Response:

Definitely. Assessing the value of inventories helps determine the financial health of our company.