WHAT IS GOODS IN ACCOUNTING ?

In simple words, the person deals with for him it is goods . For example, if a person deals with Furniture ( owning furniture shop) then for him furniture is goods and when we purchase furniture from him for our business use then those furniture become our assets. Similarly, if a person deals with groceries then groceries items are goods for him and when we purchase for our consumption then it becomes our expenses.

But here it need to explain that if any person deals with anything for one time , that means if he is not dealing regularly with that item , then it is not his business and such items are not to be considered as goods in accounts.
Suppose, a person is having an old car he want to sell his car for Rs 3,00,000 , his business is not to deal with car in regular basis. So, here car is not consider as goods. But, if his business is of second hand car and deals regularly with second hand car then those car are goods for him. 

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