Question

93) Goods means:-
a commodity to be bought and sold.
b) Commodity to be bought and not to be sold
c)Commodity to be used as an asset
d) All of the above​

Answer 1

Hii, here is your answer :-

Goods means :-

Commodity to be bought and sold √

Commodity to be bought and not to be sold √

Commodity to be used as an assets √

So option 4 all of the above is correct.

Because, a good has all three characteristics given in following three points, goods can be bought and sold, or only can be bought and also can be used as an asset it depends upon consumer's choice.

thank you

Answer 2

Answer:

The abovementioned word "Goods" in Accountancy specifically refers to the commodities which can be brought as well as sold. Hence, the answer to the abovementioned question is option A which states, "commodity to be bought and sold".

Explanation:

Goods in general refer to a commodity or possessions of someone. In accountancy, the meaning gets evolves keeping the basic meaning the same. Here, in accountancy, goods are treated as a commodity that can not only be purchased but also can be sold to some other person for some benefits. An asset however is a broad concept. It is a company's possession and varies depending upon the company.

Thus, we can already eliminate Options B and C as they are the incorrect definition of the abovementioned question.

So, Option D which states, "All the above", gets automatically eliminated.

Hence, we can safely conclude that Option A is the right answer to the abovementioned question as it states the correct definition of the abovementioned term, "goods".  

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