Which of the Following Is Not a Current Asset

question 41

Multiple Choice

Which of the following is not a current asset?

• A)Cash
• B)Building
• C)Prepaid expense
• D)Accounts receivable
• E)None of these

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Definitions:

Ledger Accounts

Individual financial accounts recorded in a ledger, providing a detailed record of all transactions affecting that account.

Financial Statements

Formal records of the financial activities and position of a business, individual, or other entity, including the balance sheet, income statement, and cash flow statement.

Generally Accepted Accounting Principles

A set of accounting standards and procedures that are used to compile financial statements, ensuring consistency, reliability, and comparability of financial reporting.

Relevance

The quality of information that makes it useful for decision-making, implying that the information has the ability to influence the decisions of its users.