If an asset can quickly be converted to cash, it is considered to be a(n):

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Current assets are assets that can easily and quickly be converted into cash within a year or less. Examples of current assets include cash, accounts receivable, and inventory. Fixed assets, on the other hand, are assets that are held for a longer period of time and are not easily convertible to cash, such as buildings or equipment. Short-term assets and other assets are not commonly used terms in accounting.

If an Asset Can Quickly Be Converted to Cash, It