Are Office Supplies a Current Asset?

Written by True Tamplin, BSc, CEPF®

Updated on January 02, 2023

Office supplies may or may not be a current asset depending on their cost. A current Asset is any asset that will provide an economic benefit for or within one year. Office supplies are generally recorded under the current assets account until they are used.

However, if their cost is deemed immaterial, then they may be directly recorded as an expense instead. The cost may be considered immaterial if it does not significantly impact any financial statements.

Are Office Supplies a Current Asset FAQs

Are office supplies a current asset?

Office supplies may or may not be a current asset depending on their cost.

What is a current asset?

A current Asset is any asset that will provide an economic benefit for or within one year.

When is office supplies considered current assets?

Office supplies are generally recorded under the current assets account until they are used. However, if their cost is deemed immaterial, then they may be directly recorded as an expense instead.

Why would office supplies be recorded as an immaterial expense?

The cost may be considered immaterial if it does not significantly impact any financial statements.

About the Author

True Tamplin, BSc, CEPF®

True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.

True is a Certified Educator in Personal Finance (CEPF®), author of The Handy Financial Ratios Guide, a member of the Society for Advancing Business Editing and Writing, contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.

To learn more about True, visit his personal website, view his author profile on Amazon, or check out his speaker profile on the CFA Institute website.