What is Good (accounting)? : Abaara fun facts and uncommon knowledge

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Good (accounting)

In accounting, a good describes a physical product capable of being delivered to a purchaser and involves the transfer of ownership from seller to customer.

Dangerous goods must be labeled by specific signs.

It contrasts with a service, in which no physical product is transferred, except as an incidental part of the transaction. In economics however, a service is still considered an economic good.

In the U.S. transportation industry, the term freight is used, e.g. freight car vs. goods wagon.

See also:
| Good (economics) |

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Categories: Accounting