An Item That May Be Converted to Cash Within One

question 57

Multiple Choice

An item that may be converted to cash within one year or one operating cycle of the firm is classified as a

• A) current liability.
• B) long-term asset.
• C) current asset.
• D) None of the other answers are correct.

---

Definitions:

Nomination Process

The method through which political parties select their candidates for election to public offices.

Latina Justice

Refers to the pursuit and administration of justice with particular attention to the experiences and challenges faced by Latina individuals in the legal system.

U.S. Supreme Court

The highest federal court in the United States, with ultimate appellate jurisdiction and the power of judicial review.

Federal Judiciary

The branch of the United States government that interprets and applies the law, composed of the Supreme Court and lower federal courts.