If assets are expected to be realized in cash,sold,or consumed within the normal operating cycle of a business or within one year (if the operating cycle is shorter than one year),how are they reported on a classified balance sheet?

Question

Quizplus · Accepted Answer

Current assets are assets that are expected to be realized in cash, sold, or consumed within the normal operating cycle of a business or within one year if the operating cycle is shorter than one year. Examples include cash, accounts receivable, inventory, and prepaid expenses.

If Assets Are Expected to Be Realized in Cash,sold,or Consumed