The cost of office supplies to be used in future periods is ordinarily shown on the balance sheet as
A) stockholders' equity
B) an asset
C) a contra asset
D) a liability

Question

Quizplus · Accepted Answer

The cost of office supplies to be used in future periods is an asset as it has future economic benefits that will be consumed or used up over time. Therefore, it is appropriately reported as an asset on the balance sheet.

The Cost of Office Supplies to Be Used in Future