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Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
MCQ
Commodities bought for resale are treated as _________.
  • A
    Expenses
  • B
    Stock
  • ✓
    Goods
  • D
    Assets
✓

Answer

Correct option: C.
Goods
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.

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