The term current assets does not include
A)payment in advance
B)bills receivable
C)long term deferred charges
D)none of these

Question

Quizplus · Accepted Answer

Long-term deferred charges are not considered current assets because they are not expected to be converted into cash or used up within one year or the operating cycle, whichever is longer. Current assets typically include cash and other assets that are expected to be converted into cash, sold, or consumed within a year.

The Term Current Assets Does Not Include