Accounting: Tools for Business Decision Making, 5th Edition

Published by Wiley
ISBN 10: 1118128168
ISBN 13: 978-1-11812-816-9

Chapter 2 - A Further Look at Financial Statements - Questions: 2

Answer

Current assets are assets that can be converted to cash or will be used in less than one year.

Work Step by Step

Current assets are placed on the balance sheet in the order of the amount of time in which they will be used or converted to cash. Examples of current assets are cash and short term investments.
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