A Current Asset Is

question 15

Multiple Choice

A current asset is

• A)the last asset purchased by a business.
• B)an asset which is currently being used to produce a product or service.
• C)usually found as a separate classification in the income statement.
• D)expected to be realized in cash, sold or consumed within one year of the balance sheet or the company's operating cycle, whichever is longer.

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Definitions:

Freedom of Contract

A principle that individuals have the liberty to form, define, and enforce contracts without unnecessary intervention from the government.

Employers

Individuals or organizations that hire and provide work to employees in exchange for their services.

Craft Unions

Labor unions that represent workers skilled in a particular craft or trade, focusing on specific skill sets and occupations.