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OPTION3.
Normally the name comes like building and fixtures which have long life so are non-current in nature.
Inventory is current asset, whereas prepaid insurance could be in doubt whether it is long term liability's prepayment or short term.
If long term then it's non current and if short term then current
Mostly insurance is long term because it's annually recognised.
Fixtures is not a current asset
Inventory and prepaid Insurance are current assets.
Fixtures is not current asset it is fixed asset becaue it has life ver one year
Fixture are classified as non current assets other two are current assets.
As the use of fixture is employed over years. so it is not a current asset.
fixture
The answer is Fixtures.
The Asset which can be converted into cash within twelve months from the reporting date is current in nature. From above three options the Fixture does not meet this criteria so is non-current asset.
Inventory & Prepaid Insurance is a CUrrent Asset since it might be consumed within an yearWhereasFixture is a Non Current Asset & should be depreciated under IAS-16
