Office Supplies
Code: 5251
👁 Views: 208
Account Information
| Financial Statement | Income Statement |
| Normal Balance | Debit |
Definition
Cost of office supplies used in administration
Note: This account may be broken down into sub-ledgers as needed (e.g., customer/supplier/bank names or branches).
📐 IFRS vs US GAAP Accounting Treatment
IFRS
IAS 1
Presentation of Financial Statements
US GAAP
ASC 340
Other Assets and Deferred Costs
❓ Frequently Asked Questions
Q: How are office supplies recorded?
A: If immaterial, expensed immediately. If material, recorded as an asset (supplies inventory) and expensed upon consumption.