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IAS 2 defines inventories as assets which are: . held for sale in the ordinary course of business, in the process of production for such sale, or; in the form of materials or supplies to be consumed in the production or rendering of services.
Furniture, fixtures, and equipment (or FF&E) (sometimes Furniture, furnishings, and equipment [1] [2]) is an accounting term used in valuing, selling, or liquidating a company or a building. FF&E are movable furniture , fixtures , or other equipment that have no permanent connection to the structure of a building or utilities. [ 3 ]
Office supplies are consumables and equipment regularly used in offices by businesses and other organizations, by individuals engaged in written communications, recordkeeping or bookkeeping, janitorial and cleaning, and for storage of supplies or data.
IAS 16 applies to property, plant and equipment (PPE). The standard itself defines PPE as "tangible items that are held for use in the production or supply of goods or services, for rental to others, or for administrative purposes; and are expected to be used during more than one [accounting] period."
The first digit might, for example, signify the type of account (asset, liability, etc.). In accounting software, using the account number may be a more rapid way to post to an account, and allows accounts to be presented in numeric order rather than alphabetic order.
Printers and ink cartridges are an example, as are cameras and film as well as razors and blades, which gave this business model its usual name (the razor and blades model). Printing consumables include items like toner cartridges, which are consumed, utilized and then exhausted. These supplies are considered to be a major element of printing ...
Cost of goods sold (COGS) is the carrying value of goods sold during a particular period.. Costs are associated with particular goods using one of the several formulas, including specific identification, first-in first-out (FIFO), or average cost.
Overhead expenses are all costs on the income statement except for direct labor, direct materials, and direct expenses. Overhead expenses include accounting fees, advertising, insurance, interest, legal fees, labor burden, rent, repairs, supplies, taxes, telephone bills, travel expenditures, and utilities. [3]