A Current Asset Is

question 124

Multiple Choice

A current asset is

• A) usually found as a separate classification in the income statement.
• B) expected to be converted to cash or used in the business within a relatively short period of time.
• C) the last asset purchased by a business.
• D) an asset which is currently being used to produce a product or service.

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Definitions:

Routine Inquiry

A standard or customary question asked to obtain information or clarify a detail.

Goodwill Ending

A conclusion in communication that seeks to leave the audience with a positive impression, often used in business correspondence.

Prefatory Material

Introductory content in a book or document that might include a foreword, preface, and acknowledgments, setting the stage for what follows.

Effective Message

Communication that is clear, concise, and tailored to the audience to achieve its intended effect.