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1
State whether the statement is true or false,
“Consumable items can be treated as assets​

Answer 1

Explanation:

consumable items like stationary , medicines,books,sports material etc.consumable amount will be treated as revenue expenditure as an stock of consumable item as an asset prepaid expenses related to it as an asset and outstanding expenses related to it as a liability

Answer 2

Answer:

yes

Explanation:

Equipment used to keep the business going, like computers and maintenance on copiers and printers, can be treated as fixed assets. However, stationery items or consumables are considered a part of inventory because they are fast-moving in the business.They can be treated as curreny asset sometimes