42. Current assets can be described as: A. Assets that are kept for use in the business over more than one financial period. B. A legally enforceable obligation of the entity. C. An obligation payable within 1 year after the end of the financial year. D. Assets that are usually temporary in nature and can be converted to cash within 12 months after the end of the financial year.

The right option is D. Assets that are usually temporary in nature and can be converted to cash…

Answered: or use in the business over more than…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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42. Current assets can be described as:

A. Assets that are kept for use in the business over more than one financial period.
B. A legally enforceable obligation of the entity.
C. An obligation payable within 1 year after the end of the financial year.
D. Assets that are usually temporary in nature and can be converted to cash within 12 months after the end of the financial year.

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