It is possible for an asset to be a current asset even though the expected conversion of that asset into cash is to be longer than one year or the normal operating cycle.

Name: It is possible for an asset to be a current asset even though the expected conversion of that asset into cash is to be longer than one year or the normal operating cycle.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A current asset is typically expected to be converted into cash within one year or within the normal operating cycle of the business, whichever is longer.

It Is Possible for an Asset to Be a Current