Which one of the following items is reported as a current asset on a classified balance sheet?
A)Trucks
B)Accounts receivable
C)Land
D)Common stock

Question

Quizplus · Accepted Answer

Accounts receivable is an asset that represents the amount of money owed to a company by its customers for goods or services they have purchased on credit. It is classified as a current asset because it is expected to be collected within one year. Trucks, land, and common stock are not current assets, but instead are classified as long-term assets, equity or liabilities.

Which One of the Following Items Is Reported as a Current