Question

Explain the following terminology of accounting: (1) Goods​

Answer 1

Answer:

The commodities which are bought to resale or for packing and selling or for production to produce final goods for sale are called goods. It is basically things in which sellers trade. For example, for a seller of furniture goods are wood that he will purchase to make furniture.

Answer 2

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.