An asset is classified as current when:
A) it is expected to be realised or intended for sale or consumption in the entity's normal operating cycle.
B) the item is held form trading.
C) it is cash or cash equivalent.
D) All of the given answers are correct.

Question

Quizplus · Accepted Answer

All the given answers (A, B, C) correctly describe situations in which an asset is classified as current. These include assets expected to be realized within the normal operating cycle, assets held for trading, and cash or cash equivalents.

An Asset Is Classified as Current When