Distinguish between:1. Goods and Assets2. Expense and Loss

1.	Distinguish between:1. Goods and Assets2. Expense and Loss
Answer» 1. Goods and Assets: Goods refer to things in which the trader deals. But assets refers to things with which the trader deals. Goods are meant for resale, while assets are kept in the business permanently with the help of which the business is carried on. 2. Expense and Loss: Costs incurred by a business in the process of earning revenue are known as expense. The excess of expenses of a period over its related revenues is termed as loss. It decreases in owner’s equity.

Answer»

1. Goods and Assets:

Goods refer to things in which the trader deals. But assets refers to things with which the trader deals.
Goods are meant for resale, while assets are kept in the business permanently with the help of which the business is carried on.

2. Expense and Loss:

Costs incurred by a business in the process of earning revenue are known as expense.
The excess of expenses of a period over its related revenues is termed as loss. It decreases in owner’s equity.

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Distinguish between:1. Goods and Assets2. Expense and Loss

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