Concept:Purchases in accounting refer only to goods acquired for the purpose of resale.
Explanation:The key point is the intention behind buying the goods.
Goods bought for resale in the normal course of business are called purchases.
Whether the goods were bought on credit or paid for immediately does not change this definition.
Goods bought to be used within the firm are treated as assets or expenses, not purchases.
Therefore, from the options, purchases are goods bought for resale only.
Answer:Option B — Goods bought for resale only.