What is the difference between goods and assets
Dear Student,
Anything in which the company deals that is purchases and sells it in day to day life of the business to earn profits is known as good. For eg: furniture (tables, chairs, etc) are goods for a furniture company.
Anything that is used to increase the sales and not purchased and sold with the purpose of earning profits in day to day life is known as Assets.
For eg: if a company purchases furniture to keep in office for the employees to use, then furniture is the asset of the company. However, if a company decides to regularly purchase and sell furniture in bulk to earn profits in day to day life, then that furniture be becomes the goods of the company. We say that the company deals in furniture.
Hope this helps you:)
Regards
Anything in which the company deals that is purchases and sells it in day to day life of the business to earn profits is known as good. For eg: furniture (tables, chairs, etc) are goods for a furniture company.
Anything that is used to increase the sales and not purchased and sold with the purpose of earning profits in day to day life is known as Assets.
For eg: if a company purchases furniture to keep in office for the employees to use, then furniture is the asset of the company. However, if a company decides to regularly purchase and sell furniture in bulk to earn profits in day to day life, then that furniture be becomes the goods of the company. We say that the company deals in furniture.
Hope this helps you:)
Regards