A current asset is
A)the last asset purchased by a business.
B)an asset which is currently being used to produce a product or service.
C)usually found as a separate classification in the income statement.
D)expected to be converted to cash or used in the business within one year or one operating cycle, whichever is longer.

Question

Quizplus · Accepted Answer

Current assets are assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business, whichever is longer.

A Current Asset Is