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Basic Question 1 of 12

Current assets are cash and other assets expected to be converted into cash, sold, or consumed either in one year or in the operating cycle, ______

A. whichever is longer.
B. whichever the company wishes to.
C. One year is the maximum time period for current assets' expected life cycle.

User Contributed Comments 2

User Comment
kalps NB Current assets are sold, turned into cash or consumed in either one year or with the firms operating cycle, whichever is longer
F79KHAN Agreed, Current assets are essentially the assets that are the most liquid among all asset class are either easily convertible to cash or expected to be sold/consumed within the year or operating cycle.
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I am happy to say that I passed! Your study notes certainly helped prepare me for what was the most difficult exam I had ever taken.
Andrea Schildbach

Andrea Schildbach

Learning Outcome Statements

describe the elements of the balance sheet: assets, liabilities, and equity;

describe uses and limitations of the balance sheet in financial analysis;

describe alternative formats of balance sheet presentation;

contrast current and non-current assets and current and non-current liabilities;

CFA® 2024 Level I Curriculum, Volume 3, Module 19.