Which of the following items are current assets?

Accounts - Principles of Accounts

JAMB 2009

A. Stock, bills receivable, cash and debtors
B. Stock, bill payable, cash and debtors
C. Stock, bad debt, bills receivable and cash
D. Stock, work-in-progress, cash and bills payable

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Correct Answer: Option A

Explanation

Current assets include cash and other assets that are expected to be converted to cash within a year. Option A ''Stock, bills receivable, cash and debtors'' is correct.

- Stock are goods bought for the purpose of resale
- Bills receivable are incurred as a result of credit sales
- Cash is the available money at hand
- A debtor is a person, company, or other entity that owes money.

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