Listed below are selected accounts for Tercek Company, Inc. Select a letter from the following key and place it in the space to the left of the account title to indicate the proper balance sheet classification for the accou
-Supplies
A) Current asset
B) Property, Plant, and Equipment
C) Current liability
D) Long-term liability
E) Stockholders' equity
F) Not a balance sheet account

Question

Quizplus · Accepted Answer

Supplies are typically considered a current asset because they are expected to be used up or converted into cash within one year or within the operating cycle of the business, whichever is longer.

Listed Below Are Selected Accounts for Tercek Company, Inc