Question

7) Purchase refers to buying of goods for ____________.

Answer 1

Answer:

Purchase refers to buying of goods for increase assets

Answer 2

Answer:

Purchase refers to buying of goods for resale.

Explanation:

Purchases refer to the acquisition of goods for resale or for use in the production process. Purchases covered both in-person and online product purchases.

• The direct expenses related to producing the goods that a business sells are called purchases for resale. This price includes the cost of purchasing inventory for resale or materials to manufacture goods. One of the first things you'll spend money on when starting a small business is purchases for resale.
• An organization purchases goods for resale with the intention of reselling them unprocessed. Additionally, raw materials purchased by a business with the intention of reselling them as such are considered to be goods for resale.