Current assets include cash and all other assets that may be reasonably expected to be converted into cash or consumed within one year or the normal operating cycle of the business, whichever is longer.

Question

Quizplus · Accepted Answer

This statement is true. Current assets are defined as assets that are expected to be converted into cash or used up within one year or the operating cycle of the business. Examples include cash, accounts receivable, inventory, and prepaid expenses.

Current Assets Include Cash and All Other Assets That May