Assets that provide benefits for a single accounting period are called:

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Current assets are assets that are expected to be converted into cash, sold, or consumed within one year or within the operating cycle of the business, whichever is longer. This includes assets that provide benefits for a single accounting period, such as inventory or accounts receivable, distinguishing them from long-term assets like property, plant, and equipment, which provide benefits over multiple years.

Assets That Provide Benefits for a Single Accounting Period Are