Difference between Goods, Stock & Assets

Q. Which of the following is not an asset ?

1. Machinery
2. Motor vehicles
3. Creditors for goods
4. Cash at bank

Q.

Ram has purchased a furniture for resale as he has a furniture shop. Where the same shall be shown?

1. Expenses

2. Capital

3. Liabilities

4. Purchases

Q.

Which is the best example of an intermediate good or service?

Q.

When are fixed assets sold?

Q.

When goods are purchased, they are considered to be ________

1. Stock

2. Asset

3. Both A & B

4. None of these

Q. When goods are purchased, they are considered as a/an

1. asset
2. expense
3. liability
4. income

Q. Ram, a furniture store owner, has purchased some furniture for resale. This furniture shall be shown as

1. assets
2. purchases
3. liability
4. income

Q. Which of the following transactions would have no impact on stock?

1. Purchase of land
2. Purchase of goods for resale
3. Credit sales
4. Cash sales

Q. Select the most appropriate alternatives from those given below and rewrite the statements :

Amount which is not recoverable from customer is known as _____.
a) Debts
b) Debtors
c) Bad Debts
d) Doubtful debts.

Q.

_______ is the measure of goods at any point in time.

1. Stock

2. Assets

3. Liability

4. None of these

Q. The stock of goods is an expense for the business.

1. False
2. True