Which of the following describes assets that can be quickly converted into cash or consumed in one year or less?
A) overhead costs
B) current assets
C) acid-test assets
D) fixed assets

Question

Quizplus · Accepted Answer

Current assets are assets that are expected to be converted into cash or used up within one year or less. They include assets such as cash, marketable securities, accounts receivable, and inventory. Overhead costs refer to expenses, not assets. Acid-test assets and fixed assets are not as broad of a category as current assets.

Which of the Following Describes Assets That Can Be Quickly