Which of the following items is not classified as a current asset?
A) accounts receivable
B) merchandise inventory
C) a patent
D) prepaid rent

Question

Quizplus · Accepted Answer

Accounts receivable, merchandise inventory, and prepaid rent are all examples of current assets, as they are expected to be converted into cash within a year. However, a patent is not considered a current asset as it represents the exclusive right to produce and sell a product or invention, rather than a physical asset that can be converted to cash.

Which of the Following Items Is Not Classified as a Current