Question

State True or False.

Goods is a commodity which is purchased for self use.

• A. True
• B. False

Answer 1

The correct option is B False

Goods means those commodities which are bought for resale.
The amount receives by selling goods is known as Sales.
Purchase of goods is termed as Purchases. If goods remain unsold at the end of the financial year then it termed as Closing Stock.
Therefore, the above statement is false.