How are current assets defined, and what are the major items that may be included in current assets? How are current liabilities defined? Give three examples of such liabilities.
Define current assets and current liability; state the items that are included in current assets and provide three examples of liabilities.
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.
Major items included in current assets are as follows:
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