INVENTORY for companies: includes raw materials, items available for sale or in the process of being made ready for sale (work in process) for securities: it is securities bought and held by a broker or dealer for resale. A firm that has a sustainable competitive advantage has an inventory and net earnings are rising on a corresponding basis. Inventories that spike up/down are indicative of competitive industries prone to boom/bust.
QUALITY OF EARNINGS is the increased earnings due to increased sales and cost controls, as compared to artificial profits created by inflation of inventory or other asset prices.
PROFESSIONAL SERVICES are those services offered by university trained professionals, e.g. doctors, lawyers, and accountants for, normally, a professional fee.
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