If you’re in a business of selling stationery, then it’s an asset for you (inventory).
If you’re using stationery in your daily business, then you have a stock of it, so until it’s used up, it’s an asset (prepaid stationery).
Once it’s used up, it becomes an expense.
What is the difference between an expense and an asset?
A purchase is considered an asset if it provides future economic benefit to the company, while expenses only relate to the current period. For example, monthly salaries paid to employees for services they already provided to the company would be considered expenses.7 Nov 2017
Is printing and stationery an expense?
Printing and Stationery expenses are indirect expenses. Outstanding expenses in respect of the stationery items are shown in liabilities side of balance sheet. The closing stock of the stationery items can be reduced from the printing and stationery expenses at the time of finalization of accounts.14 Jan 2012
Is insurance an expense or an asset?
Example of Insurance Expense
Any insurance premium costs that have not expired as of the balance sheet date should be reported as a current asset such as Prepaid Insurance. The costs that have expired should be reported in income statement accounts such as Insurance Expense, Fringe Benefits Expense, etc.