Which of the following is included within current assets on a classified balance sheet?

Question

Quizplus · Accepted Answer

Current assets are those that are expected to be converted into cash within one year or one operating cycle, whichever is longer. Inventory is a current asset because it is expected to be sold in the normal course of business within one year or one operating cycle. Land, a truck, and intangible assets are not typically classified as current assets.

Which of the Following Is Included Within Current Assets on a Classified