Current Assets Include All of the Following EXCEPT

question 6

Multiple Choice

Current assets include all of the following EXCEPT

• A) accounts payable.
• B) accounts receivable.
• C) cash.
• D) inventories.

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Definitions:

Dishonored

A term referring to a financial instrument, such as a check, that has been refused payment by the bank upon presentation.

Indorse

To sign the back of a financial instrument, thus transferring ownership or to endorse it.

Obligation

An obligation, either ethical or legal, to carry out or avoid a particular action.

Order Of

Pertains to the sequence or arrangement of things following a particular pattern or rule.