are loose tools come under current assets ?
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Answer / jh
AN ITEM SUCH AS TELEPHONE USED IN A TRAVEL & TOURS COMPANY CAN BE SAID TO BE A LOOSE TOOL. THIS ITEM CAN BE USED FOR MORE THAN ONE ACCOUNTING YEAR AND CANNOT BE SAID TO BE A CURRENT ASSET. LOOSE TOOLS SHOULD BE CLASSIFIED AS EITHER CURRENT ASSET OR NON CURRENT ASSET BASED ON THE SIZE OF THE COMPANY AND THEIR OPERATIONS
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Answer / opoku wilson
Loose tools in accounting are also known as current assets, and will be typically found on any balance sheets that may be produced for your business. Whether you’re due to receive interest on your company’s savings, have cash sitting in the bank, or simply have stock that’s waiting to be sold, all of these things are examples of what can count as loose tools. There is another definition of what qualifies as current assets, and this is whether you expect the cash or goods at hand to be sold onto consumers or used within the next 12 months.
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