To which balance sheet grouping does the item 'accounts receivable' normally belong?
A) Current asset
B) Noncurrent asset
C) Current liability
D) Noncurrent liability

Name: To which balance sheet grouping does the item 'accounts receivable' normally belong? A) Current asset B) Noncurrent asset C) Current liability D) Noncurrent liability
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Question

Quizplus · Accepted Answer

Accounts receivable is a current asset, as it represents amounts owed to a company by its customers that are expected to be collected within one year.

To Which Balance Sheet Grouping Does the Item 'Accounts Receivable