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Homework answers / question archive / Current assets are cash or other assets that are reasonably expected to be converted into cash, sold, or consumed within O one normal operating cycle O one year or normal operating cycle, whichever is shorter O one year or normal operating cycle, whichever is longer one year Question 8 2 pts Which of the following assets is the most liquid? buildings trademarks finished goods O accounts receivable Question 9 2 pts To be considered "Level 2" when determining fair value, the value is determined using Quoted prices for identical assets from an active market Adjusted quoted prices for similar assets O Unobservable inputs O None of the above
Current assets are cash or other assets that are reasonably expected to be converted into cash, sold, or consumed within O one normal operating cycle O one year or normal operating cycle, whichever is shorter O one year or normal operating cycle, whichever is longer one year Question 8 2 pts Which of the following assets is the most liquid? buildings trademarks finished goods O accounts receivable Question 9 2 pts To be considered "Level 2" when determining fair value, the value is determined using Quoted prices for identical assets from an active market Adjusted quoted prices for similar assets O Unobservable inputs O None of the above
Correct Answer is "one year or normal operating cycle which ever is shorter"
Reasosn
Current assets are assets that are:
Correct Answer of 8 are "Accounts Receivable"
Reasons
Assets that can be easily, securely, and quickly exchanged for legal tender. Your inventory, accounts receivable, and stocks
Correct Answer of 9 are "Quoted prices for identical assets from an active markedt"
Reasons
Active market is best or easy way identify the value of assets of similar or identical assets
