Which of the Following Is Not Classified as a Current

question 90

Multiple Choice

Which of the following is not classified as a current asset?

• A) Equipment with an estimated useful life of five years.
• B) Short-term (trading) investments.
• C) Supplies.
• D) Cash.

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Definitions:

Taxable Income

The portion of an individual's or entity's income used to determine how much tax is owed to the government, after all deductions and exemptions.

Child Support Payments

Payments made by a noncustodial parent to a custodial parent, guardian, or state, intended to facilitate the care and support of their children.

Cash Payments

Transactions where the payment for goods or services is made using currency or banknotes rather than checks or electronic transfers.

House Hunting Expenses

Costs incurred while searching for a new home, often not deductible on U.S. federal tax returns except in specific relocating job circumstances.