Question

The current assets section of the statement of financial position should include Select one: a. goodwill....


The current assets section of the statement of financial position should include

Select one:

a. goodwill.

b. machinery.

c. inventory.

d. patents.







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Answer #1

The current assets section of the statement of financial position should include Option C - Inventory. Current assets are assets that are convertible into cash within a period of 1 year. Inventory is included in the current assets section of a company's statement of financial position as they are generally easily convertible into cash.

Option A is incorrect. Goodwill is an intangible asset and is generally not included in the current assets section.

Option B is incorrect. Machinery is a fixed asset and is part of the fixed asset section of the statement of financial position.

Option D is incorrect. Patent is an intangible asset is and is not part of the current assets of a company. This option is incorrect.

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