Which of the following are current assets?
I.patent
II.inventory
III.accounts payable
IV.cash
A)I and III only
B)II and IV only
C)I, II, and IV only
D)I, II and IV only
E)II, III, and IV only

Question

Quizplus · Accepted Answer

II (inventory) and IV (cash) are considered current assets because they can be converted into cash within one year or within the operating cycle of a business. Patents are intangible assets, not current assets, and accounts payable is a liability, not an asset.

Which of the Following Are Current Assets