Week 7 Flashcards
1
Q
Trading stock
A
Anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a business; and livestock
2
Q
Goods
A
Raw materials and partly finished goods constitutes trading stock of a manufacturer: FCT v St Hubert’s Island (1978).
Spare parts held for the purpose of exchange in the ordinary course of business constitutes trading stock.
3
Q
Services
A
Unbilled work in progress of a professional services firm is generally not trading stock: Henderson v FCT (1970).
