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Answer Posted / 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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