Which assets are classified as current assets?
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Current Assets are those Assets which are held by an entity with the purpose of converting them into cash within a short period .
Example ⤵️⤵️⤵️
Goods are purchased did our purpose to resale and earn profit .
♏ Prepaid expense are also classified as current assets although they cannot be converted into cash .They also classified because a part of benefit from such expense is available in the next accounting year .
✨ Hope this helps you ✨
Current Assets are those Assets which are held by an entity with the purpose of converting them into cash within a short period .
Example ⤵️⤵️⤵️
Goods are purchased did our purpose to resale and earn profit .
♏ Prepaid expense are also classified as current assets although they cannot be converted into cash .They also classified because a part of benefit from such expense is available in the next accounting year .
✨ Hope this helps you ✨
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