Cash and Other Assets That May Reasonably Be Expected to Be

question 153

True/False

Cash and other assets that may reasonably be expected to be realized in cash, sold, or consumed through the normal operations of a business, usually longer than one year, are called current assets.

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Definitions:

Comparative Statement

A financial analysis tool that compares two or more financial statements to identify trends or changes over a period.

Financial Position

A snapshot of the assets, liabilities, and equity of a company at a specific point in time.

Net Increase

The difference between the current period's figure and the previous period's figure when the current period's figure is larger.

Net Income

The total profit of a company after all expenses and taxes have been deducted from revenue.