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An item is classified as a current asset if it is 

Accounts - Principles of Accounts
WAEC 2024

An item is classified as a current asset if it is 

  • A.  purchased for long-term use.   
  • B. expected to be realized within the balance sheet date. 
  • C. fictitious in nature. 
  • D. neither cash nor cash equivalent.
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Correct Answer: Option B
Explanation

A current asset is an asset whose life span does not last longer than a year. Its value is expected to be realized within a year, in contrast to non-current asset whose value spans for more than a year.

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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
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Post UTME Past Questions Agent
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
WAEC and NECO CBT Software for Computers and Laptops - Candidates, Schools, Centres, Resellers - 100% Offline -Download Now