An Item Which May Be Converted to Cash Within One

question 47

Multiple Choice

An item which may be converted to cash within one year or one operating cycle of the firm is classified as a

• A) current liability.
• B) long-term asset.
• C) current asset.
• D) long-term liability.

---

Definitions:

Properties

Refers to characteristics or attributes that define or identify mathematical figures, numbers, and operations.

Logarithms

A logarithm with a specified base is the exponent by which the base must be raised to yield a particular number. It is a different way to express exponentiation.

Condense

The process of combining several mathematical expressions or elements into a simpler form.

Equation

A declaration in mathematics that claims two expressions, often comprising variables and constants, are equal.