Question

Any commodity, article or merchandise in which trader regularly deals or carries on trade is called goods.

• A. True
• B. False

Answer 1

The correct option is A True

Goods is defined the article or commodity in which the trader is doing his business. Other than these item, nothing should be added to goods account.

For example, XYZ Electronics is dealing in electronic equipment. Hence, fan, refrigerator, cooler, washing machine etc purchased for resale is to be considered as goods for the business.