When it comes to managing a business or organization, understanding the difference between supplies and inventory is crucial. Both terms refer to items that are used in the course of operations, but there are distinct differences in their definitions and purposes. In this article, we will explore the definitions, differences, and examples of supplies and inventory, and how they are relevant to various industries. Definitions of Supplies and Inventory Before we delve into the differences between supplies and inventory, let’s start by defining each term: Supplies Supplies are items that are consumed or used up in the normal course of business operations. They are typically considered as short-term assets and…