Briefly explain the following terms:- Gain, inventory and Purchases
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Answer:
Gain- A gain is a general increase in the value of an asset or property. A gain arises if the current price of something is higher than the original purchase price. ... A gain can be contrasted with a loss, which occurs when property or assets held lose value compared to their purchase price
Inventory- The verb “inventory” refers to the act of counting or listing items. As an accounting term, inventory refers to all stock in the various production stages and is a current asset. By keeping stock, both retailers and manufacturers can continue to sell or build items. Inventory is a major asset for most companies.
Purchase- Purchasing is the buying of goods or services. An item that has been bought is called a purchase. The opposite of a purchase is a sale. In common usage, the shorter word "buy" is typically used when shopping, rather than the word "purchase".
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