libby4ce体ch02.pptVIP

The Conceptual Framework Elements of the Classified Statement of Financial Position Current Assets are assets that will be used or turned into cash, normally within one year. Inventory is always considered to be a current asset, regardless of the time needed to produce and sell it. Non-current Assets are considered to be long term because they will be used or turned into cash over a period longer than the next year. Elements of the Classified Statement of Financial Position Current assets (short-term) Cash and cash equivalents Short-term investments Trade and other receivables Inventories