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What is the meaning of goods?

• Items that businesses have for sale

• Items that are in the process of production

• Items used for providing services

• All of the above

What are the types of goods?

• Goods for sale

• Goods in production

• Raw materials

• All of the above

What is inventory according to accounting standards?

What are the types of goods classified in accounting based on the nature of the business?

• Merchandising Business

• Manufacturing Business

• Service Business

• Retail Business

What does Finished Goods refer to?

• Goods that are ready for sale

• Goods that are in process

• Raw materials

• Goods that are not yet produced

What does Work in Process mean?

• Goods that are ready for sale

• Goods that are in production but not finished

• Raw materials

• Finished products

What does it mean when a product is in the production process but not yet finished?

• It can be sold.

• It is considered a product.

• It is not a product.

• It is fully completed.

What are raw materials?

• Finished products.

• Items used directly in production.

• Products that are sold.

• Items that are not used.

What is an example of a raw material?

• Cotton.

• A finished shirt.

• A completed car.

• A sold product.

What is a factory supply?