Question

Explain the following terminology of accounting:

(1) capital
(2)Tangible assets
(3)Goods​

Answer 1

Explanation:

1. The capital means the assets and cash in a business. Capital may either be cash, machinery, receivable accounts, property, or houses. Capital may also reflect the capital gained in a business or the assets of the owner in a company
2. Tangible assets are the assets on a company's balance sheet that have a physical form. This includes machinery, office equipment and property, as well as materials that are used in production.
3. Goods. The things which are bought and sold by business are called goods. ... In accounting, when goods are purchased it is written as purchases. When goods are sold it is written as sales. It is written as a stock if remain unsold at the end of the year

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