The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Answer: Option A
Solution(By Examveda Team)
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as Current assets. Current assets include cash, cash equivalents, accounts receivable, stock inventory, marketable securities, pre-paid liabilities, and other liquid assets.This Question Belongs to Commerce >> Accounting
Golden rules of accounts :-
1)personal account :- debit the receiver
Credit the giver
2)impersonal account :-
i) real account :-
Debit what comes in
Credit what goes out
ii) Nominal account :-
Debit the expense and losses
Credit the expense of income & gain
current assets
Which is the golden rules of account
What is current assets?