An asset that can quickly be converted into cash is known as a(n): a) Intangible asset b) Liquid asset c) Fixed asset d) Contra-asset

Auditing: A Risk Based-Approach (MindTap Course List)
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ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter10: Auditing Cash, Marketable Securities, And Complex Financial Instruments
Section: Chapter Questions
Problem 4CYBK: Which of the following assertions is relevant to whether the cash balances reflect the true...
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An asset that can quickly be converted into cash is known as a(n):
a) Intangible asset
b) Liquid asset
c) Fixed asset
d) Contra-asset
Transcribed Image Text:An asset that can quickly be converted into cash is known as a(n): a) Intangible asset b) Liquid asset c) Fixed asset d) Contra-asset
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