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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

LO3 Which of these assets is not a current asset?

  1. (a) Cash
  2. (b) Accounts Receivable
  3. (c) Office Equipment
  4. (d) Merchandise Inventory

To determine

Identify the option that is not considered as a current asset.

Explanation

Current assets: The assets which could be converted into cash within one year like accounts receivables, or marketable investments; or which could be used up within the completion of an operating cycle, like inventory, supplies and insurance, are referred to as current assets.

Justification for the incorrect options of (a), (b) and (d):

Cash, Accounts receivables and merchandise inventory are categorized under current assets...

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