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 both classified as current assets because they are expected to be used or converted into cash within one year.

On a Statement of Financial Position