Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

Are office tools that consumed within one year is considered a fixed asset or expense?

user-image
Question added by Moustafa Hassan , Accountant , Doha Institute for Graduate Studies
Date Posted: 2014/04/21
Mohammad Tohamy Hussein Hussein
by Mohammad Tohamy Hussein Hussein , Chief Executive Officer & ERP Architect , Egyptian Software Group

These are considered as expense

Umer Sharif
by Umer Sharif , Consultant Lead Financial, Functional, Implementation of Infor ERP Syteline ‚ Eccountant & SmartHCM. , Bin Rasheed Technology Pvt Ltd.

Office tools consumed in a year consider as expense.

Muhammad Akram Shahzad Mughal
by Muhammad Akram Shahzad Mughal , Assist. Manager Inventory & Warehouse , KahrPlast Co.

it tools are consumed within one accounting cycle then it is Expense.....

Expenses because there is no economic benefit coming from them in the future. As they  are fully utilised they must be recognized as expenses.

Muhammad Ahsan
by Muhammad Ahsan , General Accountant , Emirates Hospitals Group

if consumed within one year they are expense

Umer Aziz
by Umer Aziz , Senior Accountant , TERNA Bahrain Holding - GEK Group (www.terna.gr)

Expense

Asim Khan
by Asim Khan , Data Analyst (CRM) , Syngenta Pakistan Ltd., Multan

Definitly , those will be considered as expenses. 

Dipesh Shrestha
by Dipesh Shrestha , Supervisor , Kist Bank Limited

Obivously. expenses.

Juanito Jr De Guzman
by Juanito Jr De Guzman , Chief Accountant , Zen FZE

Definitely an expense

Moses Ajayi Murorun
by Moses Ajayi Murorun , Production Executives , Various Organizations

Office consumed within i year are classfied as 'Expenses

More Questions Like This

Do you need help in adding the right keywords to your CV? Let our CV writing experts help you.