Q. What do you mean by Supplies on hand?

Supplies on hand approximately each business uses supplies in its operations. It may classify supplies merely as supplies to include all types of supplies or more specifically as office supplies paper, stationery, floppy diskettes, pencils and selling supplies gummed tape, string, paper bags, cartons, wrapping paper, or training supplies transparencies, training manuals. Often companies buy supplies in bulk. These supplies are an asset till the company uses them. This asset possibly called supplies on hand or supplies inventory. Although these terms indicate a prepaid expense the firm doesn't use prepaid in the asset's title.