Good (accounting) in the context of "Payment"

⭐ In the context of payment, a 'good'—according to accounting principles—is considered…

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⭐ Core Definition: Good (accounting)

In economics, goods are anything that is good, usually in the sense that it provides welfare or utility to someone. Goods can be contrasted with bads, i.e. things that provide negative value for users, like chores or waste. A bad lowers a consumer's overall welfare.

Economics focuses on the study of economic goods, i.e. goods that are scarce; in other words, producing the good requires expending effort or resources. Economic goods contrast with free goods such as air, for which there is an unlimited supply.

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👉 Good (accounting) in the context of Payment

A payment is the tender of something of value, such as money or its equivalent, by one party (such as a person or company) to another in exchange for goods or services provided by them, or to fulfill a legal obligation or philanthropy desire. The party making the payment is commonly called the payer, while the payee is the party receiving the payment. Whilst payments are often made voluntarily, some payments are compulsory, such as payment of a fine.

Payments can be effected in a number of ways, for example:

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Good (accounting) in the context of Mail-order catalog

Mail order is the buying of goods or services by mail delivery. The buyer places an order for the desired products with the merchant through some remote methods such as:

  • Sending an order form in the mail
  • Placing an order by telephone call
  • Placing an order with a travelling agent
  • Filling in an order form on a website or mobile app — if the product information is also mainly obtained online rather than via a paper catalogue or via television, this mail-order model is called online shopping or e-commerce

Then, the products are delivered to the customer. The products are usually delivered directly to an address supplied by the customer, such as a home address, but occasionally the orders are delivered to a nearby retail location for the customer to pick up. Some merchants also allow the goods to be shipped directly to a third party consumer, which is an effective way to send a gift to an out-of-town recipient. Some merchants deliver the goods directly to the customer through their travelling agents. Payment may be made by installment.

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LINKED FROM (PARENTS)
← Payment ← Mail-order catalog ← Payor ← Payee ← Mail order
LINKS TO (CHILDREN)
Warehouse → Economics → Good → Well-being → Utility → Chore division → Waste → Scarce →