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:

• expected to be realised in the entity's normal operating cycle
• held primarily for the purpose of trading
• expected to be realised within 12 months after the reporting period

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