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Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
Question
Differentiate between Assets and Goods on the basis of any two points.
✓

Answer

  1. Goods are purchased for resale whereas assets are held for continued use in the business.
  2. Goods are always 'tangible' i.e., they can be seen and touched whereas assets may be both tangible and intangible.

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