Assets that are expected to be converted to cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer than a year are referred to as:
A)permanent assets.
B)quick assets.
C)current assets.
D)cash equivalent assets.

Question

Quizplus · Accepted Answer

Current assets are assets that a company expects to convert to cash, sell, or consume either within one year or within the operating cycle of the business, whichever is longer. This category includes items like cash, accounts receivable, and inventory.

Assets That Are Expected to Be Converted to Cash, Sold