On a statement of financial position
A)Cash and Office Supplies are both classified as current assets.
B)Inventories and Prepaid Expenses are classified as long-term investments.
C)Land and Buildings are classified as long-term investments.
D)Depreciation Expense is classified as property, plant and equipment.

Question

Quizplus · Accepted Answer

Cash and Office Supplies are classified as current assets because they are expected to be converted into cash, sold, or consumed within one year or the operating cycle, whichever is longer.

On a Statement of Financial Position