The distinction between a current asset and other assets: Multiple Choice is based on the ability to determine the current fair value of the asset. is based on when the asset is expected to be converted to cash, or used to benefit the entity. is based on how long the asset has been owned. is based on amounts that will be paid to other entities within a year.

Answers

Answer 1

Answer:

is based on when the asset is expected to be converted to cash, or used to benefit the entity.

Explanation:

There are mainly three types of assets

1. The current asset is the asset that converted into cash within 12 months

2. The fixed asset is the asset that remains fixed like land, building

3 The intangible asset is the asset that cannot be seen or touched like intellectual property such as goodwill, patent

So here the distinction is to be made with respect to the convertibility to cash and the benefit provided to the entity


Related Questions

Other Questions
PLEASE HELP ASAP!!!!!!!! if slowing down is the response to seeing a blinking yellow light is it conditioned or unconditioned? Which statement best explains why the evidence provided in the text is a fallacy The extinction vortex represents the idea that even if an organism is extant, it may have a gene pool that will not support its long-term survival.A. TrueB. False what is office personnel? A company purchased office supplies costing $5,000 and debited Supplies for the full amount. At the end of the accounting period, a physical count of office supplies revealed $900 still on hand. The appropriate adjusting journal entry to be made at the end of the period would be: debit Supplies Expense, $4,100; credit Supplies, $4,100. debit Supplies, $4,100; credit Supplies Expense, $4,100. debit Supplies Expense, $5,900; credit Supplies, $5,900. debit Supplies, $900; credit Supplies Expense, $900. How does Woman Ones claim about Les Goodman affect other elements in the story?The neighbors become more sympathetic toward Les Goodman.The neighbors become even more suspicious of Les Goodman.The neighbors become less frightened of Les Goodman.The neighbors become more protective of Les Goodman. 4. A bullet of mass 30 g is fired from a rifle of mass 5kg at a speed of 259m/s.a) What is the momentum of the rifle just after the bullet is fired?b) What is the recoil velocity of the rifle? explain the concept of business? received good return from m center of rs 5000 (journal entry) How many ATP molucules may by synthesed in the case of full methabolism in MUSCULE of oligosaccharide which molucular weight is 48942? The diagram below is divided into equal parts. Which fraction of the parts is white?A diagram is divided into 4 blue parts and 3 white parts.Three-seventhsFour-seventhsThree-fourthsFour-thirds Please help me with this activity!! I have to submit it ASAP. It's attached as a pdf. Not too long and for an Honors Electrons lesson. Harding Company is in the process of purchasing several large pieces of equipment from Danning Machine Corporation. Several financing alternatives have been offered by Danning: (FV of $1, PV of $1, FVA of $1, PVA of $1, FVAD of $1 and PVAD of $1) (Use appropriate factor(s) from the tables provided.) 1. Pay $1,160,000 in cash immediately. 2. Pay $461,000 immediately and the remainder in 10 annual installments of $94,000, with the first installment due in one year. 3. Make 10 annual installments of $156,000 with the first payment due immediately. 4. Make one lump-sum payment of $1,730,000 five years from date of purchase. Required: Determine the best alternative for Harding, assuming that Harding can borrow funds at a 8% interest rate. (Round your final answers to nearest whole dollar amount.) It takes 130 J of work to compress a certain spring 0.10m. (a) What is the force constant of this spring? (b) To compress the spring an additional 0.10 m, does it take 130 J, more than 130 J or less than 130 J? Verify your answer with a calculation. How does the reader of this blog promote change? What is a rechargeable battery?a group of electrochemical cells that can be rechargeda group of electrolytic cells that can be rechargeda group of electrochemical cells that do not need rechargingO a group of electrolytic cells that do not need rechargingWILL GIVE BRAINLIEST In the backward chaining technique, used by the inference engine component of an expert system, the expert system starts with the goal, which is the _____ part, and backtracks to find the right solution. Carmen simplifies the expression (4 y + 8 x + 6) + 25 + (4 x + 6 y + 7). The coefficient of the variable y in her simplified answer is 1)Quais So as caractersticas principais do discurso direto 2)escreva um pequeno exemplo de discurso direto