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.
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.
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