Yes, office furniture can be considered an asset to a business. An asset is something that has value and can be owned by a business. Office furniture fits this definition, as it has value in terms of its usefulness and its ability to contribute to the comfort and productivity of employees, and it can be owned by a business.
However, it’s important to note that office furniture is typically classified as a long-term asset, as it is expected to have a useful life of more than one year. This means that the cost of the furniture is typically not expensed in the year it is purchased, but is instead spread out over the expected useful life of the asset through a process called depreciation.
In terms of financial accounting, office furniture is typically classified as a fixed asset, which means it is not expected to be converted into cash within one year of the balance sheet date. Fixed assets also include items such as buildings, machinery, and equipment.