Office supplies become expenses when?
josh h asked:
a. when they are used up
b.when they are paid for
c. at no time because they are an asset
d. when they are purchased
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a. when they are used up
b.when they are paid for
c. at no time because they are an asset
d. when they are purchased
October 1st, 2009 at 8:42 am
it depends on what they are used for and you need proof of purchase. Anything you purchase that you need to work or for work, you can claim Kimmy
October 2nd, 2009 at 1:08 pm
when you pay for something it is obviously an expense…… “d” Mr. Q
October 5th, 2009 at 3:26 pm
D, unless they are supplies being used in the presentation process of a Capital Project. Yo LO!
October 7th, 2009 at 4:08 pm
When it comes to things like pencils, the only practical solution is to deduct them when purchased, because it is too time-consuming to keep track of the purchase price of each one to expense when that particular one is used up (especially if there are identical ones purchased at different prices) and to record the date of every time that you lose a pen, use a post-it note, etc.
When it comes to computers, printers, copies, furniture, etc., you need to depreciate them. GAAP and the Internal Revenue Code use different depreciation schedules, so you need to keep two sets of books.
You next question should be when do you deduct the cost of buying the duplicate books: when you make the first entry or when they become full
StephenWeinstein