Which of the Following Is a Current Asset That Is

question 139

Multiple Choice

Which of the following is a current asset that is expected to be converted to cash,sold,or consumed during the next year (or the normal operating cycle,if longer) ?

• A) Land
• B) Equipment
• C) Building
• D) Accounts Receivable

Recognize the significance of examples in supporting general statements.

Identify errors in consistency within written texts.

Recognize and correct errors in parallelism in sentences or paragraphs.

Improve concise language usage by eliminating redundancy and unnecessary words in writing.

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Definitions:

Recognized

In accounting, recognized refers to the formal acknowledgment in financial statements that a transaction or event has impacted the entity's financial position or performance.

Book Value

The net value of a company's assets as found on its balance sheet, and is calculated by subtracting liabilities from the value of assets.

Depreciable Asset

An asset that diminishes in value over time due to use, wear and tear, or obsolescence, which can be deducted over its useful life.

Market Value

The current price at which an asset or a service can be bought or sold in a marketplace.