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 assets that are expected to be converted into cash or used up within the next 12 months or the business's normal operating cycle if that is longer than a year. Intangible assets are assets that lack a physical substance, such as trademarks or patents. Plant assets are long-term assets, such as equipment or buildings. Long-term assets are those that are not expected to be converted into cash or used up within the next 12 months.

Assets That Are Expected to Be Converted to Cash,sold,or Used