Which One of the Following Items Is Reported as a Current

question 142

Multiple Choice

Which one of the following items is reported as a current asset on a classified balance sheet?

• A)Inventory
• B)Accounts payable
• C)Land
• D)Common stock

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Definitions:

Market Price

The present cost at which an item or service is available for purchase or sale in a market.

Natural Resources

Natural resources are elements like minerals, forests, water, and fertile land, found in the environment and can be exploited for financial benefit.

Renewable Resources

Natural resources that can be replenished or regenerated over time, such as solar energy, wind power, and forestry products.

Industrial Revolution

A period of major industrialization from the late 18th to the early 19th century that transformed mainly agrarian, rural societies in Europe and America into industrial and urban.