Yes, it is possible, but in a loop you need to make difference between your recordset and the combobox itself. So here are your options:
1. How to reference combobox columns
In Access, columns are zero-based, so you can referenc them like that:
Me!MyCombo.Column(0) 'First column
Me!MyCombo.Column(1) 'Second column
and so on. And this works regardless if you are inside the loop or not, provided that MyCombo is bound to the recordset.
Now, if you are looping through recordset:

Dim rs As DAO.Recordset
Set rs = Me.RecordsetClone
Do While Not rs.EOF
'Move form to current record
Me.Bookmark = rs.Bookmark

'Access ComboBox column
Debug.Print Me!MyCombo.Column(1)

rs.MoveNext
Loop

Inside the loop you set the form's bookmark to the current record and then you can reference combobox columns as explained above. Also beware of these:
Value property of the combobox will always give you the bound column, so if you need other columns, you have to use the syntax above. Also make sure that ColumnCount of the combobox is set correctly so that the column that you want to reference actually exists. But regardless of other settings, the syntax remains the same. And it works whether your combobox is bound to a table/query or to a value list.

Many thanks A for your speedy reply, I have been struggling with this for a few days. Our customers are charged different rates for each trade. But sometimes a roofer, for example will help a groundsman and the customer will be charged for 2 groundsmen. I have set up a trade combo box in the labour form which allows the user to choose a trade.

My material form has a field named description which details the items used. My labour form also has a field named description which I want to display the trade. My record set uploads the materials to the Invoice Detail table perfectly and the labour form uploads the number of hours and the hourly rate but leaves the description field blank. In Richard's Work Order Seminar video he totals the hours but I want to list them separately in the Invoice Detail Table. Is there a better way to do this other than referencing the combo box?