Use the information below to answer questions . (i) Cash at bank (ii) Cash in hand (iii) Premises (iv) Land (v)Creditors (vi)loan from friends/bank. What ar...
Question 1 Report
Use the information below to answer questions .
(i) Cash at bank (ii) Cash in hand (iii) Premises
(iv) Land (v)Creditors (vi)loan from friends/bank.
What are the current assets?
Answer Details
The current assets are those assets that can be easily converted into cash within one year or the operating cycle of the business, whichever is longer.
From the options given, the current assets are (i) Cash at bank and (ii) Cash in hand because they are the only assets that are readily available as cash and can be easily converted into cash within a short period of time.
Therefore, the answer is (a) i and ii.
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