All claims held against customers and others for money, goods, or services are reported as current assets.

Question

Quizplus · Accepted Answer

Not all claims held against customers and others for money, goods, or services are reported as current assets; only those expected to be settled or collected within one year (or the operating cycle, if longer) are considered current assets. Claims expected to be settled or collected beyond one year are classified as non-current assets.

All Claims Held Against Customers and Others for Money, Goods