Which of the following items is not classified as a current asset?
A)Office equipment.
B)Merchandise inventory.
C)Office supplies.
D)Prepaid rent.

Question

Quizplus · Accepted Answer

Office equipment is classified as a long-term asset, not a current asset. Current assets are those that are expected to be converted into cash within one year or the operating cycle, whichever is longer. Merchandise inventory, office supplies, and prepaid rent are all examples of current assets.

Which of the Following Items Is Not Classified as a Current