Company resources that are purchased with the intention that they will convert to cash within one year are:
A)Fixed assets
B)Current liabilities
C)Current assets
D)Owners' equity

Question

Quizplus · Accepted Answer

Current assets are resources that are expected to be converted to cash within a year. Examples of current assets include cash, accounts receivable, and inventory. Fixed assets are expected to last for more than one year, while current liabilities represent amounts owed that are expected to be settled within a year. Owners' equity represents the residual interest in the assets of a company after liabilities are subtracted.

Company Resources That Are Purchased with the Intention That They