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A. The amounts at which current assets are carried and reported must reflect realizable cash values.
B. Prepayments for items such as insurance or rent are included in an “other assets” group rather than as current assets as they will ultimately be expensed.
C. The time period by which current assets are distinguished from non -current assets is determined by the seasonal nature of the business.
D. Assets are classified as current if they are reasonably expected to be realized in cash or consumed during the normal operating cycle.
D. Assets are classified as current if they are reasonably expected to be realized in cash or consumed during the normal operating cycle.
d is the answer as current assets are those which can be converted into cash in the shortest possible time period less than one year.eg sundry debtors, inventory, short term deposits,etc..
The correct answer is D. Realizable, consumable or expected to convert in cash during the normal operating cycle
Option D is my answer................
Current asset is any asset reasonably expected to be sold, consumed, or exhausted during the normal operations of a business within the current fiscal year or operating cycle.
So the answer would be D
Correct answer is Option D.
Current assets are those which can be converted as cash or cash equivalent in short term period (less than one year or in a operating cycle) is called current asset.otherwise called non current assets.
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