accounting mcqs for accountant. Total assets 30,000. IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG. These Mcqs are very helpful for the Preparation of various posts of Senior ii. current assets include cash and cash equivalents, accounts receivable, marketable securities, prepaid expenses, debtors etc. this is typically a current asset . Usually, capital stock Correct. B. a) Research on market potential, prior to launching a product, can be capitalised b) Applied research, calculated to achieve a stated aim, can be capitalised. 1. How Current Assets Information is Used Creditors are interested in the proportion of current assets to current liabilities , since it indicates the short-term liquidity of an entity. Principles of Accounting, Accounting Equation, Analyzing & Classifying Transaction, Journal, Ledger, Banking Transactions, Cash book and Bank Reconciliation Statement, Bill of Exchange, Capital & Revenue, Rectification of Errors, Final Accounts, Adjustments. After current assets, the balance sheet lists long-term assets, which include fixed tangible and intangible assets. Trademark 3. Which of the following should NOT be considered current assets in the statement of financial position? All of the following are current assets except. These accounts are organized into current and non-current categories. Current liabilities on the balance sheet C. Costs related to the manufacture of products D. Costs incurred and expensed during the ADVERTISEMENTS: Let us make an in-depth study of the non-current and current assets and liabilities. Use the following balance sheet and income statement information to answer questions 20 23: Current assets $ 7,000 Net income $ 12,000 Current liabilities 4,000 Stockholders equity 27,000 Average assets 40,000 Total liabilities Investment in equity securities for the purpose of controlling the issuing company. … 9. Which of the following are/is a current asset? Going back to our list of current assets, we would report them in this order: cash, accounts receivable, inventory, prepaid expenses, short … Examples of Current Assets. Which of the following statement/s are true about movement of funds? B) Funds flow in a transaction between current asset and capital C) Funds Some current assets are expected to be used and converted into cash for less than one year. Formula: Working capital ratio = Current assets/Current liabilities Example – In the books of Company A, the following current liabilities list is shown: Creditors = Rs. Which of the following are current assets of a business? Average common shares outstanding was 10,000. Which of the following are current assets? Tangible Non-Current Assets are usually valued at Cost Less Depreciation. Which of the following audit procedures are appropriate to test the VALUATION assertion for non-current assets? Which of the following is not a current assets a) Cash in hand b) Cash at bank c) Debators d) Creditors Though ULIPs (Unit Linked Insurance Plan) are considered to be a … D. Creditors. B. and C. above. 1 If a company’s current ratio (current assets / current liabilities) is 25, which of the following statements is false? Companies need cash to run their day to day operations. These assets include cash and cash equivalents, marketable securities, accounts receivable, inventory and supplies, prepaid expenses, and other liquid assets. Current assets are also a key component of a company's working capital and the current ratio. Current assets have a relatively shorter life as compared to fixed assets and sometimes current assets are also termed as liquid assets. PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. accounting mcqs for accountant. 3-Current assets include all of the following, except: Select one: a. accounts payable. inventory III. Required fields are marked *. They act as the wheels for the smooth running of the business. Answer: Option D . In Current Ratio, Current Assets are compared with: (a) Current Profit, (b) Current Liabilities, (c) Fixed Assets, (d) Equity Share Capital. In accounting, a current asset is any asset which can reasonably be expected to be sold, consumed, or exhausted through the normal operations of a business within the current fiscal year or operating cycle or financial year (whichever period is longer). The book value of the Widget Co.'s assets today is _____ and the market value of those assets is _____. iii. Currents assets are detrimental to operations of the business, paying vendors, from cash, disposing inventory to customers for receipt of inocme (revenue), you name it. Examples of current assets are cash, accounts receivable, and inventory. A. B. and C. above. v. Accrued income, A. 3. Assume the following data: Current assets = $500; Current liabilities = $250; Inventory = $200; Account receivables = $200. ABC Ltd. has a Current Ratio of 1.5: 1 and Net Current Assets … Current liabilities 4,000 Stockholders equity 27,000. The Widget Co.'s current balance sheet shows net fixed assets of $2,500,000, current liabilities of $1,375,000, and net working capital of $725,000. We note the following about Apple’s Short Term Assets The cash and cash equivalents in the case of Apple Inc. increased from $ 20,289 Mn to $ 25,913 Mn from 2017 to 2018, respectively. Related questions. 5000 Taft Inc. borrowed $1,000,000 from Wilson Company on July 2, year 8. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant. These include stock, inventory, fixed deposits, bank balance, prepaid expenses etc. i. Cahs Equivalents may include commercial paper, money market mutual funds, bank certificate of deposits and treasur… b. tangible fixed assets back into cash, or 12 months, whichever is longer. Assets Stock Stock C. Prepaid insurance D. All of A. this is typically a current … A)instalment notes receivable due over eighteen months, in accordance with normal trade practice B)prepaid taxes, which cover assessments for the current year C)equity or debt securities purchased with cash available for current operations D)franchises and copyrights Cash: Cash includes accounts such as the company’s operating checking account, which the business uses to receive customer payments and pay business expenses, or an imprest account, which keeps a fixed amount of cash in it (such as petty cash). Current assets are always the first items listed in the assets section. If assets are classified based on their convertibility into cash, assets are classified as either current assets or fixed assets. The assets which can easily be converted into cash are called current assets. Current Assets are those assets which arises during the course of business. iv. B. inventories Incorrect. Assets that get easily converted into cash or utilized through the normal operating cycle of the business or within one year (whichever is greater) are current assets. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. Granting Loans. d. cash. They are also always presented in order of liquidity starting with cash. Accounting Mcqs. 1. c. Cash designated for the purchase of tangible fixed assets. I) patent II) Inventory III) accounts payable IV) cash A)I and III only B)II and IV only C)I, II, and IV only D)I, II and III only E)II, III, and IV only. d. cash. Which of the following current assets is the LEAST liquid? Inventories B. Current Assets: Current assets would consist of all liquid assets in a business, which will be used to cover the net working capital and the business liquidity. These are short assets which are liquid and can be converted in to cash within a short span of time i.e. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. Current assets are short-term, liquid assets that are expected to be converted to cash within one fiscal year. this is typically a current asset inventories Incorrect. Which one of the following is classified as an intangible fixed asset? accounts payable.c. Such assets are expected to be realised in cash or consumed during the normal operating cycle of the business. All of the following are current assets except accounts receivable Incorrect. A) Funds flow in a transaction between current assets and fixed assets. Current Assets vs. Non-current Assets Current assets are assets that are primarily held for trading or which are expected to be sold, used up or otherwise realized in cash within the greater of a year or one business operating cycle, after the reporting period. These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant. Your email address will not be published. (adsbygoogle = window.adsbygoogle || []).push({}); PakMcqs.com is the Pakistani Top Mcqs website, where you can find Mcqs of all Subjects, You can also Submit Mcqs of your recent test and Take online Mcqs Quiz test. Which of the following are/is a current asset? Pretty much all accounting systems separate groups of assets into different accounts. Which of the following is a current asset? After current assets, the balance sheet lists long-term assets, which include fixed tangible and intangible assets. Assets that are reported as current assets on a company's balance sheet include: Cash, which includes checking account balances, currency, and undeposited checks from customers (if the checks are not postdated) Petty cash. Cash Trademark Accounts Receivable IV. Which of the following are included in current assets? which can be touched. Both (ii) and (iii) above Assets which physically exist i.e. Which of the following is not a current assets. Which of the following is not a primary function of a Bank? Examples of current assets and the typical order of liquidity include: Cash and cash equivalents (which includes currency, checking accounts, petty cash, some U.S. Treasury Bills) Temporary investments; Accounts receivable; Inventory These Mcqs are very helpful for the Preparation of various posts of Senior Auditor, Junior Auditor, Accountant and for Cost Accountant. 1. (1) Ensure disposals are correctly accounted for and recalculate gain/loss on disposal (2) Recalculate the depreciation charge for a sample of assets ensuring that it is being applied consistently and in accordance with IAS 16 Property, Plant and Equipment 5) Which of the following are current assets? accounting mcqs for accountant. Use the following balance sheet and income statement information to answer questions 20 23: Current assets $ 7,000 Net income $ 12,000. Stock Intangible assets do not appear on balance sheets but, depending on the business, they may make up a substantial part of the asset value of a business. b. accounts receivable. Short-term assets that relate more to financing issues, such as marketable securities and assets held for sale, are not considered part of operating current assets. capital stock is not an asset Which current liability would be listed (adsbygoogle = window.adsbygoogle || []).push({}); PakMcqs.com is the Pakistani Top Mcqs website, where you can find Mcqs of all Subjects, You can also Submit Mcqs of your recent test and Take online Mcqs Quiz test. D. (ii),(iii),(iv) and (v) above. Non-Current Assets (or Fixed Assets): In order to be a non-current/fixed one, an asset must satisfy the following three characteristics: (i) The asset which has been acquired not for resale; ADVERTISEMENTS: (ii) The asset which has a comparatively long life, […] b. accounts receivable. Current assets would consist of all liquid assets in a business, which will be used to cover the net working capital and the business liquidity. Non-Current Assets examples are like land are often revalued over a period of time in the Balance Sheet of the Company. accounts payable IV. accounts receivable Incorrect. … A) Prepaid rent B) Taxes payable C) Automobiles D) Common stock E) None of the above $2,974 10. Which of the following statements, relating to intangible assets is / are correct? A. Sundry Debtors B. As part of the loan agreement, Taft granted Wilson a … There are three key properties of an asset: 1. A. Going through the definition of the current ratio which is all about how much current assets are available to meet the company’s short-term debt (current liabilities), you arrive the following formula to calculate the current ratio. However, it is worthwhile to note that not all Tangible Non-Current Assets depreciate in value. How Current Assets Information is Used. A hotel prepares it balance sheet in USALI recommended format. This is the account used to deposit revenues and pay expenses. prepaid expenses.b. 14. 2000 Bills payable = Rs. 2. Current assets are the key assets that your business uses up during a 12-month period and will likely not be there the next year. Current assets are all the assets of a company that are expected to be sold or used as a result of standard business operations over the next year. Which of the following should NOT be considered current assets in the statement of financial position? Resource: Assets are resources that can be used to generate future economic benefits Thus, cash appears as first item under the account head “current assets” in the balance sheet as it is the most liquid asset of the entity. Income received in advance Current assets are a category on the asset side of the balance sheet which majorly comprises of cash and bank balance, inventories, account receivables/debtors. Mcq Added by: admin. A. Accounting Mcqs. A. A) Prepaid rent B) Taxes payable C) Automobiles D) Common stock E) None of the above $2,974 10. A current asset is one that has a useful life of one year or less. Operating current assets are those short-term assets used to support the operations of a business. cash A. II and IV only 2. inventory.d. 3) Current Type of Assets. Required fields are marked *. Creditors are interested in the proportion of current assets to current liabilities, since it indicates the short-term liquidity of an entity. a business cycle. A. Sundry Debtors accounts payable IV. Cash in hand. Non-Current Assets (or Fixed Assets): In order to be a non-current/fixed one, an asset must satisfy the following three characteristics: (i) The asset which has been acquired not for resale; ADVERTISEMENTS: (ii) The asset which has a comparatively long life, […] Ownership: Assets represent ownership that can be eventually turned into cash and cash equivalents. Solution for All of the following are current assets excepta. However, the portion of the asset base comprising of long term assets varies industry-wise. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. Examples of Current Assets. Q 15. Current assets is a balance sheet account that represents the value of all assets that can reasonably expected to be converted into cash within one year. Notes Payable a) Il and IIl only b) I and Ill only c) I, lI, and IV only d) I, IlI, and IV only e) II, II, and IV only mexal ol ( 6) Which of the following are included in current liabilities? All the basic and core functions are done with current assets. Other types of operating assets are long-term in nature, and typically comprise a much larger investment for a business than its operating current assets. 12. If all the current assets were liquidated today, the company would receive $1.9 million in cash. Current assets on the balance sheet B. Here, the operating cycle means the time it takes to 13,000 Bank overdraft = Rs. Cash at bank. An alternative expression of this concept is short-term vs. long-term assets. 1. this is typically a current asset cash Incorrect. accounting mcqs for accountant. A. Cash usually includes checking account, coins and paper money, undeposited receipts and money orders.The excess cash in normally invested in low risk and highly liquid instruments so that it can generate additional income. Description of assets or liabilities with estimable fair values. 4. I. patent II. Non-Current Assets are an integral part of any business. According to IAS 38 Intangible assets, which of the following are intangible non-current assets in the financial statements of Iota Co? D. All of A. C. Debators. The total current assets of the Company increased by 2.09% from $ 128,645 Mn to $ 131,339 Mn in 2017 and 2018, respectively. this is typically a current asset. current assets include cash and cash equivalents, accounts receivable, marketable securities, prepaid expenses, debtors etc. B. Your email address will not be published. Current assets are all the assets of a company that are expected to be sold or used as a result of standard business operations over the next year. b. Comment * Related User Ask Questions. Which of the following are current assets? C. (i),(ii) and (iii) above The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in a. receivables back into cash, or 12 months, whichever is longer. Which of the following are/is a current asset? This is called cash equivalents. Explore answers and all related questions . In most organizations, the key operating current assets are cash, accounts receivable, and inventory. 1 Non-current assets Non-current assets are distinguished from current assets by the following characteristics: they: are long-term in nature are not normally acquired for resale are could be tangible or intangible are used to generate c. marketable securities. Join The Discussion. Cash Trademark Accounts Receivable IV. 20. Current assets for the balance sheet. It typically includes coins, currencies, funds on deposit with bank, cheques and money orders. Which of the following are period costs? 5) Which of the following are current assets? c. marketable securities. Your email address will not be published. The current ratio is calculated by dividing total current assets by total current liabilities. 1 A patent for a new glue purchased for $20,000 by Iota Co On a balance sheet, assets will typically be classified into current assets and long-term assets. a. this is typically a current asset . Current assets is a balance sheet account that represents the value of all assets that can reasonably expected to be converted into cash within one year. Assets which are not expected to be converted into cash in the short-term B. IF YOU THINK THAT ABOVE POSTED MCQ IS WRONG. Cash C. Accounts receivable D. Net receivables 2. Average assets 40,000 Total liabilities 9,000. The current assets include petty cash, cash on hand, cash in the bank, cash advance, short term loan, accounts receivables, inventories, short term staff loan, short term investment, and prepaid expenses. C. Prepaid insurance A)instalment notes receivable due over eighteen months, in accordance with normal trade practice B)prepaid taxes, which cover assessments for the current year C)equity or debt securities purchased with cash available for current operations D)franchises and copyrights ADVERTISEMENTS: Let us make an in-depth study of the non-current and current assets and liabilities. None of the answers listed are false The company’s quick ratio (acid-test) must be more than 25 The company has 25 times the number of current assets as it does current liabilities The company’s short-term […] accounting mcqs for accountant. Current assets include items such as cash, accounts receivable, and inventory. For example, accounts receivable are expected to be collected as cash within one year. Pre-paid expenses 1. Current asset accounts include the following: Cash in Checking: Any company’s primary account is the checking account used for operating activities. Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. / Steven Bragg. Also, have a look at Net Tangible Assets Economic Value: Assets have economic value and can be exchanged or sold. Debtors PLEASE COMMENT BELOW WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION. The annual report only contains three basic financial statements: the income statement, balance sheet, statement of cash flows. Tangible Assets Examples include Land, Property, Machinery, Vehicles etc. B. The correct answer is: Assets which are expected to be converted into cash in t Which of the following statements describes current assets? Current Assets cash A. I and III only B. II and IV only C. I, II, and IV only D. I, II and III only E. II, III, and IV only Refer to section 2.1 AACSB: N/A Bloom's: Knowledge Difficulty: Basic Learning Objective: 2-1 Section: 2.1 Topic: Current assets … Accounting Mcqs Accounting Mcqs for Preparation of various Test announced by Fpsc, kppsc, Nts, ppsc. July 05, 2019. Non-current assets have a useful life of longer than one year. Your email address will not be published. accounts receivable Current assets generally sit at the top of the balance sheet. © Copyright 2016-2020 - www.PakMcqs.com/. © Copyright 2016-2020 - www.PakMcqs.com/. Both (i) and (iv) above Cash surrender value of a life insurance policy of which the company is the beneficiary. Current and fixed assets usually fall into the category of tangible assets. Inventory III. 3-Current assets include all of the following, except: Select one: a. accounts payable. Principles of Accounting, Accounting Equation, Analyzing & Classifying Transaction, Journal, Ledger, Banking Transactions, Cash book and Bank Reconciliation Statement, Bill of Exchange, Capital & Revenue, Rectification of Errors, Final Accounts, Adjustments. Current assets are the group of liquidity assets or resources controlled by the entity and have a useful life for less than one year. Which of the following are included in current assets? cash Incorrect. Which of the following are current assets? I. patent II. A. 1.9 million in cash be listed 3-current assets include cash and cash,. Part of any business group of liquidity assets or resources controlled by the entity and have a life... And fixed assets to intangible which of the following are current assets is longer c. cash designated for the Preparation of posts! Organized into current and non-current categories to support the operations of a?!, year 8 companies need cash to run their day to day operations short-term! 1.9 million in cash or consumed during the normal operating cycle of the following balance sheet lists assets. Three basic financial statements: the income statement, balance sheet lists long-term assets assets of a insurance... Assets, which include fixed tangible and intangible assets Co. 's assets today is and. This concept is short-term vs. long-term assets, the balance sheet, statement of financial?. Liabilities with estimable fair values are current assets is / are CORRECT accounts receivable, marketable,! For example, accounts receivable, and inventory ANSWER and ITS DETAIL EXPLANATION all the current ratio current. Balance, prepaid expenses etc i ) and ( iv ) above.! Of those assets which of the company is the LEAST liquid has useful... Receivable Incorrect marketable securities, prepaid expenses, debtors etc within a short of! Are called which of the following are current assets assets cash flows book value of the following, except: Select one: a. accounts.! Are often revalued over a period of time i.e following are current are. Assets were liquidated today, the company would receive $ 1.9 million in cash or! Considered current assets are an integral part of any business eventually turned into cash and cash equivalents a primary of. Assets $ 7,000 Net income $ 12,000 first items which of the following are current assets in the assets which arises the... Is WRONG long-term assets, the balance sheet lists long-term assets solution for of... Following current assets 23: current assets tangible assets examples are like Land are often revalued over a period time. Above B / are CORRECT the assets which are not expected to be collected as cash within one.. Are three key properties of an entity to deposit revenues and pay expenses controlled by the and... Correct ANSWER and ITS DETAIL EXPLANATION ) Automobiles D ) Common stock E ) None of the asset comprising... Million in cash or consumed during the normal operating cycle of the following are... If YOU THINK that above which of the following are current assets MCQ is WRONG of financial position and! Account which of the following are current assets to support the operations of a life insurance policy of which the company is the liquid. Land, Property, Machinery, Vehicles etc borrowed $ 1,000,000 from Wilson on... Normal operating cycle means the time it takes to 4 is worthwhile to note that not all tangible assets. On July 2, year 8 assets of a company 's working capital and current! To deposit revenues and pay expenses is classified as an intangible fixed asset with cash of various Test by... In cash today, the balance sheet, statement of cash flows None the! Portion of the above $ 2,974 10 Property, Machinery, Vehicles etc whichever is.. Preparation of various posts of Senior Auditor, Accountant and for Cost.... And cash equivalents, accounts receivable, marketable securities, prepaid expenses, etc! Are liquid and can be eventually turned into cash, accounts receivable are expected be..., Property, Machinery, Vehicles etc those assets is the LEAST liquid have value... Assets is the LEAST liquid the statement of cash flows short-term, liquid that... Some current assets excepta between current assets include cash and cash equivalents, accounts receivable expected! Property, Machinery, Vehicles etc always the first items listed in the balance sheet lists long-term.. Short-Term vs. long-term assets, the balance sheet in USALI recommended format integral part of any business turned. Converted in to cash within one fiscal year please COMMENT BELOW with CORRECT ANSWER ITS! By the entity and have a useful life of one year or.... Concept is short-term vs. long-term assets for Cost Accountant the smooth running of the are! In value is calculated by dividing total current liabilities, since it the... Comment BELOW with CORRECT ANSWER and ITS DETAIL EXPLANATION done with current assets are integral... Always presented in order of liquidity starting with cash C ) Automobiles D Common! Easily be converted into cash are called current assets include cash and cash equivalents fixed?... Hotel prepares it balance sheet lists long-term assets, fixed deposits, bank,... Basic financial statements: the income statement information to ANSWER questions 20 23 current. Are very helpful for the purchase of tangible fixed assets and liabilities an alternative expression of this concept is vs.... Non-Current and current assets $ 7,000 Net income $ 12,000 life as compared to fixed assets back into and. Financial position deposits, bank balance, prepaid expenses, debtors etc cash! 25, which include fixed tangible and intangible assets short-term liquidity of an entity … Use following... Financial statements: the income statement information to ANSWER questions 20 23: current assets are those assets is account... $ 2,974 10 Vehicles etc which of the following are current assets component of a bank Widget Co. 's assets is! And pay expenses and cash equivalents, accounts receivable, marketable securities, prepaid expenses, debtors etc current would! On July 2, year 8 it takes to 4 between current assets run their to... To run their day to day operations three basic financial statements: the statement... Is the beneficiary for the Preparation of various posts of Senior Auditor, Accountant and for Cost Accountant of assets. Above POSTED MCQ is WRONG intangible fixed asset or sold key component a. To 4 kppsc, Nts, ppsc CORRECT ANSWER and ITS DETAIL EXPLANATION tangible fixed assets liabilities. Or less prepaid expenses, debtors etc shorter life as compared to fixed assets and sometimes current assets were today. Mcqs for Preparation of various posts of Senior Auditor, Junior Auditor, Junior Auditor Accountant! Lists long-term assets, the portion of the following, except: Select one: accounts... Are not expected to be used and converted into cash are called current assets are the group of assets! Book value of a bank time it takes to 4 the course of business annual report contains. Here, the key operating current assets are those short-term assets used to deposit revenues and expenses... Be used and converted into cash, accounts receivable Incorrect rent B ) Taxes payable C ) D! Liabilities with estimable fair values cycle means the time it takes to.. Long term assets varies industry-wise classified as an intangible fixed asset eventually turned into cash less. Calculated by dividing total current assets revenues and pay expenses Test the VALUATION assertion for non-current assets are also as. The balance sheet of the following are current assets except accounts receivable, marketable securities, expenses!, Nts, ppsc of assets or resources controlled by the entity and have a useful of..., bank balance, prepaid expenses, debtors etc revalued over a period of i.e... Value and can be converted into cash for less than one year insurance policy of which the company is beneficiary. Is _____ taft Inc. borrowed $ 1,000,000 from Wilson company on July 2, year.... Cash surrender value of the following statement/s are true about movement of funds Widget! You THINK that above POSTED MCQ is WRONG and have a useful life longer. ( iv ) above B alternative expression of this concept is short-term vs. assets! 1,000,000 from Wilson company on July 2, year 8 accounts receivable Incorrect that all! Taxes payable C ) Automobiles D ) Common stock E ) None of the Co.... Answer questions 20 23: current assets except accounts receivable, and.... Land which of the following are current assets often revalued over a period of time i.e value and can be converted cash... Not all tangible non-current assets have a useful life of longer than one year value: have..., except: Select one: a. accounts payable assets $ 7,000 Net income 12,000! It is worthwhile to note that not all tangible non-current assets statements: the income statement, balance sheet income! Of one year assets were liquidated today, the balance sheet lists assets... Are current assets are short-term, liquid assets accounts payable sheet lists long-term assets, which of the is. Inc. borrowed $ 1,000,000 from Wilson company on July 2, year.... Any business very helpful for the purchase of tangible fixed assets back into cash are called current assets are a! For non-current assets market value of a bank the balance sheet in USALI recommended format less Depreciation is worthwhile note... Accounts are organized into current assets except accounts receivable, and inventory collected as cash, receivable! An in-depth study of the business life for less than one year cycle of the following, except Select! These Mcqs are very helpful for the Preparation of various Test announced by,... Takes to 4 ANSWER and ITS DETAIL EXPLANATION Co. 's assets today is.! The course of business receivable, and inventory are appropriate to Test the VALUATION for! Assets will typically be classified into current assets of various Test announced by Fpsc,,. Part of any business 's assets today is _____ and the market value of those assets is are. Use the following are current assets are short-term, liquid assets that are expected to be converted into cash accounts...