Which One of the Following Groups of Accounts Contains Only

question 53

Multiple Choice

Which one of the following groups of accounts contains only current assets?

• A)Inventory, accounts receivable, equipment.
• B)Cash, equipment, copyrights.
• C)Cash, accounts receivable, merchandise inventory.
• D)Patents, copyrights, and trademarks.

---

Definitions:

Condition Precedent

A specific condition or event that must occur before a contract becomes effective or before a party is obligated to fulfill their part of the contract.

Ended by Agreement

A situation where a contract or arrangement is terminated through mutual consent of all parties involved.

Unforeseen Event

An unexpected occurrence that can impact agreements or plans, often referred to as a force majeure in legal contexts.

Breach of Warranty

The failure to fulfill the terms of a promise or guarantee made regarding the condition or performance of a product or service.