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 a relatively short period of time.

Question

Quizplus · Accepted Answer

Current assets are expected to be converted to cash or used up within one year or the operating cycle, whichever is longer, and are listed on the balance sheet, not the income statement.

A Current Asset Is