Which of the following are/is a current asset?
Correct answer: D. All of A. B. and C. aboveFinance
- A. Sundry Debtors
- B. Stock
- C. Prepaid insurance
- D. All of A. B. and C. aboveFinance
Explanation
Sundry debtors, stock and prepaid insurance are all expected to be realized, sold or consumed within the normal operating cycle or short term. Therefore, each is a current asset.
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About Financial Statements
Financial statements present a business's financial performance and position through the income statement, statement of financial position, cash flow statement and changes in equity. Questions involve preparing and interpreting these statements, adjusting entries, depreciation, closing inventory, accrued and prepaid items, and distinguishing profit from cash flow.
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