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1 (a) Give one example of a current asset. (b) Name the accounting concept which states that only the financial transactions of the business should be recorded in the businesses books. © Green bought

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How to fill out current assets what it

01

Identify all the current assets such as cash, accounts receivable, inventory, and prepaid expenses.

02

List each current asset along with its corresponding amount.

03

Calculate the total value of current assets by summing up all the individual amounts.

Who needs current assets what it?

01

Businesses and organizations need current assets as they represent the liquid funds and resources that can be readily converted into cash within a year or the operating cycle of the business.

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What is current assets what it?

Current assets refer to a company's assets that are expected to be converted into cash or used up within a year.

Who is required to file current assets what it?

Companies and organizations that prepare financial statements are required to report current assets.

How to fill out current assets what it?

To fill out current assets, list all assets that are expected to be converted into cash or used up within a year, such as cash, accounts receivable, and inventory.

What is the purpose of current assets what it?

The purpose of reporting current assets is to show a company's liquidity and ability to meet short-term obligations.

What information must be reported on current assets what it?

Information such as cash, accounts receivable, inventory, and other assets that are expected to be converted into cash within a year must be reported on current assets.

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