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Under Rule 704:
Current Assets
Assets that are expected to be converted into cash, sold, or consumed within one year or within the normal operating cycle of the business.
Current Liabilities
Short-term financial obligations that are due within one year or within the normal operating cycle of a company.
Current Assets
Assets on a balance sheet that are expected to be converted into cash, sold, or consumed within a year.
Current Liabilities
Financial obligations a company must pay within a year, such as loans, accounts payable, and other debts.
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