Accounts for tally Part-1
Goods v/s Assets
- Goods-The commodity in which we deal on regular basis .
- Assets -The commodity what we purchase for long term uses
AssetsAny person ,organization,commodity,article or any factor which brings utility over the years and increases the profitability is termed as asset
Example : building,plant and machinery,furniture,cash,debtors etc.
- REVENUE NATURED EXPENDITURE(EXPENSE)
- regular basis
- short term utility
- eg: purchase of raw material,salary,rent
- long term utility
- eg: purchase of building,plant &machinery,furniture