Into what category does the following balance sheet item fall: Note Receivable (3-month)
A) Current asset
B) Fixed asset
C) Intangible asset
D) Current liability

Question

Quizplus · Accepted Answer

Note Receivable (3-month) is considered a current asset because it is expected to be converted into cash within one year or within the operating cycle of the business, whichever is longer. Since it is a 3-month note, it falls well within this timeframe.

Into What Category Does the Following Balance Sheet Item Fall