Goods-The commodity in which we deal on regular basis .Assets -The commodity what we purchase for long term uses
Assets Any 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.
Expenditure EXPENDITURE IS THE OUTFLOW OF CASH
REVENUE NATURED EXPENDITURE(EXPENSE)regular basisshort term utilityeg: purchase of raw material,salary,rent 2. CAPITAL NATURED EXPENDITURE(ASSETS)
once/sometimeslong term utilityeg: purchase of building,plant &machinery,furniture