Which of the following is classified under current assets

Assessment: WAEC SSCE - Commerce - 2015 (Objective) Subject: Commerce

Question 1 Report

Which of the following is classified under current assets

Answer Details
Stock is classified under current assets. Current assets are assets that are expected to be converted into cash within one year or less. Stock, also known as inventory, is a current asset because it represents the goods or products that a business has on hand and expects to sell within a year or less. Machinery, motor vehicle, and fittings are not classified as current assets because they are typically used by a business for more than a year and are not expected to be converted into cash in the short term.
Read lesson note on Production (WAEC)
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