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Solution No, furniture is considered as a fixed asset in accounting as it provides value to the business in the long term. Also read: Learn about more questions and answers on business studies and various other commerce topics from our website.
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No, furniture is considered as a fixed asset in accounting as it provides value to the business in the long term.
Why is furniture a non-current asset? ›Generally, office furniture is classified as a Non-Current Asset since it does not have an easily measurable current market value and its economic benefits are expected to be realized over more than one accounting period.
What type of asset is furniture? ›Yes, furniture is a fixed asset.
Is furniture an asset in accounting? ›Capital Expenditures
office furniture would typically be considered a long-term asset, as it is not something that is typically replaced on a yearly basis. As such, it would fall into this category. Capital expenditures are typically not deductible from a business's taxable income.
What are some examples of current assets? Some examples of current assets include cash, cash equivalents, short-term investments, accounts receivable, inventory, supplies, and prepaid expenses.
Is furniture fixtures a fixed asset or current asset? ›Examples of fixed assets include manufacturing equipment, fleet vehicles, buildings, land, furniture and fixtures, vehicles, and personal computers.
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