Mohammed and his friend started a company selling food items. If they are registered under Oman commercial law their company will be allowed to enter into contracts, to loan and borrow, to sue and be sued, to hire employees and to pay taxes. 1. If business buys goods for cash then, it is called as: (1 Mark) 2. If business sold goods on credit then, it is called as: . (1 Mark) 3. Furniture purchased by Mohammed and his friend will be considered as: ^ (1 Mark)