It refers to the products in which the business unit is dealing, i.e. in terms of which it is buying and selling or producing and selling.
The items that are purchased for use in the business are not called goods.
For example, for a furniture dealer purchase of chairs and tables is termed as goods, while for others it is furniture and is treated as an asset.
Similarly, for a stationery merchant, stationery is goods, whereas for others it is an item of expense (not purchases)
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