The current asset section of the balance sheet should include:
A)land.
B)trademarks.
C)investment in C Company (for purposes of control).
D)dividends payable.
E)work in process inventory.

Question

Quizplus · Accepted Answer

Work in process inventory is considered a current asset because it represents goods that are in the process of being manufactured but are not yet completed. Current assets are those assets expected to be converted into cash or used up within one year or the operating cycle, whichever is longer, and work in process inventory meets this criterion.

The Current Asset Section of the Balance Sheet Should Include