The assets that are expected to be converted to cash, sold, or used up during the next 12 months, or within the business's normal operating cycle if the cycle is longer than a year are called ________ assets.
A)intangible
B)plant
C)long-term
D)current

Question

Quizplus · Accepted Answer

Current assets are those that are expected to be converted into cash or consumed within the next 12 months or the normal operating cycle of the business. Intangible assets are the opposite of tangible assets and are non-physical things such as patents or trademarks. Plant assets are long term assets that are not expected to be converted into cash or consumed within the next 12 months. Long-term assets are assets that are expected to last for more than one year.

The Assets That Are Expected to Be Converted to Cash