Which of the Following Should NOT Be Considered Current Assets

question 74

Multiple Choice

Which of the following should NOT be considered current assets in the statement of financial position?

• A) instalment notes receivable due over eighteen months, in accordance with normal trade practice
• B) prepaid taxes, which cover assessments for the current year
• C) equity or debt securities purchased with cash available for current operations
• D) franchises and copyrights

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Definitions:

Distributive Justice

A concept in ethics and political philosophy concerning the fair allocation of goods, resources, and opportunities among members of society.

Unfettered Free Markets

Economic systems with minimal or no government intervention, where the forces of supply and demand are allowed to determine production, consumption, and price levels freely.

Libertarianism

A philosophical view that holds that individuals’ liberty is fundamentally important and that government must respect its citizens’ rights, understood as “negative” rights (that is, rights to act without interference so long as one’s actions do not interfere with the rights of others). Among the negative rights libertarians defend are the right to keep what one has or has earned, and the right to be free from government interference in all matters except when absolutely necessary to the general good.

Communitarian

Communitarian refers to a philosophical and social ideology emphasizing the importance of community and collective interests above individual rights.