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Office supplies are consumables and equipment regularly used in offices by businesses and other organizations, [1] required to sustain office operations. [2] For example, office supplies may be used by individuals engaged in written communications, record-keeping and bookkeeping.
For example, organizations in the U.S. define inventory to suit their needs within US Generally Accepted Accounting Practices (GAAP), the rules defined by the Financial Accounting Standards Board (FASB) (and others) and enforced by the U.S. Securities and Exchange Commission (SEC) and other federal and state agencies. Other countries often have ...
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."
Determining costs requires keeping records of goods or materials purchased and any discounts on such purchase. In addition, if the goods are modified, [6] the business must determine the costs incurred in modifying the goods. Such modification costs include labor, supplies or additional material, supervision, quality control, and use of equipment.
Pacioli is regarded as the Father of Accounting. Bookkeeping is the recording of financial transactions, and is part of the process of accounting in business and other organizations. [1] It involves preparing source documents for all transactions, operations, and other events of a business.
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 ...
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 ]
Accounting, also known as accountancy, is the process of recording and processing information about economic entities, such as businesses and corporations. [1] [2] Accounting measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. [3]