WAEC Accounting 2024 Objective — Question 20
Question 20 of 50 from the West African Examinations Council (WAEC) Accounting 2024 Objective paper, with the correct answer and a full explanation.
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An item is classified as a current asset if it is
- A. purchased for long-term use
- B. expected to be realized within the balance sheet dateCorrect
- C. fictitious in nature
- D. neither cash nor cash equivalent
Explanation
A current asset is one whose value is expected to be realized (turned into cash) within a year of the balance sheet date.
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