Whether telephone set is an Asset or Expense?

Normally it is asset , but if its value is very less then we can consider it as an expense

It depends on the company standards manual which determine the value that  the expense must be capitalized on it, So you should take into consideration the price and the policy.

The price of the telephone set could be used as the determining factor to decide its classification. Never the cost of telephone would be an expense; but its appropriate to classify it as an Expensed Asset & charge the total cost in that particular financial period. If the total cost of the telephone set is considerable or material; classifying the telephone set as Non-Current Assets & Depreciating it would be the best practice. 

When you purchase something is an expense, however if you are able to sell it after depreciation it can also be an asset/

As per Materiality Concept of Accountancy, the assets having useful life more than one year but carrying nominal value should be expensed out in the year of purchase. Now a Telephone set having useful life of more than one year can be categorized as Non-Current Asset but materially its price is the factor that is determining its nature whether it is Capital Expenditure or Revenue Expenditure. On the basis of this accounting concept we always consider it as an expense. 

It should be expensed  and need to be expense in year of purchase as consumables , reason because of cost , as per India Income Tax anything below or upto INR.

 

 

According to my opinion it's an asset for us because we use that for long time

It must be an asset according to u But i is an expense unfortunatly Ill talk to ifrs to recognize it as an asset

IT'S CAN B AN ASSET OR EXPENSE DEPEND ON POLICY LIKE IN MY COMPANY WE CHARGE IT AS EXPENSE BECAUSE OUR POLICY IS EVERY ITEM BELOW SHOULD BE CHARGED AS EXPENSE.

Its an expense. The amount to telephone set is usually very minimum as compared to other assets recorded. Although it fulfills the requirement to be recorded as an asset as its useful life is more than a year. But still it is recorded as expense because of its minimum cost.

telephone is an asset same like the other electronics we can use it but we have to bare the expenses....