Home › CBSE Class 11 (Commerce) › Accountancy › Financial Statements of Sole Proprietorship › Which assets are cash or can be converted into c…
Which assets are cash or can be converted into cash within a year?
AFixed assets
BIntangible assets
CCurrent assets
DLong-term assets
Answer & Solution
Correct answer: C. Current assets
Assets that are cash or convertible to cash within a year are current assets.
Related questions
Why is the government interested in a business's profitability?A trial balance lists wages, salaries, rent and bad debts. Which is the only direct expensEntries not recorded in any special book go into which book?Where are all credit sales recorded?Which book records all cash and bank transactions?If total debits and credits in the trial balance agree, what is assumed?What is the basic objective of preparing financial statements?For managers, financial statements work like what?