WAEC - Accounts Principles Of Accounts (2024 - No. 20)
An item is classified as a current asset if it is
purchased for long-term use.
expected to be realized within the balance sheet date.
fictitious in nature.
neither cash nor cash equivalent.
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.
Comments (0)
