Which of the Following Can Be Considered as a Current

question 59

Multiple Choice

Which of the following can be considered as a current asset?

• A) Net profit percentage
• B) Accounts receivable
• C) Selling expenses
• D) Gross margin
• E) Operating expenses

---

Definitions:

Elastic Clause

The provision in the U.S. Constitution that grants Congress the power to pass all laws necessary and proper for carrying out its enumerated powers, also known as the Necessary and Proper Clause.

Full Faith

A principle requiring states to respect and enforce the public acts, records, and judicial rulings of other states, derived from the U.S. Constitution.

Supremacy Clause

A clause in the United States Constitution declaring that federal law is the "supreme law of the land" and takes precedence over state laws and constitutions when they conflict.

Inherent Powers

Powers that are not explicitly specified in the Constitution but are necessary for the government to perform its essential duties and functions.