Question

Classify the following accounts as either a current asset, a current liability, a non-current asset, or...

Classify the following accounts as either a current asset, a current liability, a non-current asset, or a non-current liability:

Cash and cash equivalents

      [ Choose ]            Non-current liability            Current asset            Current liability            Non-current asset      

Inventory

      [ Choose ]            Non-current liability            Current asset            Current liability            Non-current asset      

Long-term debt

      [ Choose ]            Non-current liability            Current asset            Current liability            Non-current asset      

Property, plants, and equipment

      [ Choose ]            Non-current liability            Current asset            Current liability            Non-current asset      

Accounts payable

[ Choose ]            Non-current liability            Current asset            Current liability            Non-current asset

Business   Accounting   
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Answer #1
Accounts Reason for Selection Classification
Cash and Cash Equivalent Easily convertible / Liquidation is very high in Cash and Cash Equivalent Current Assets
Inventory Conversion can be possible with 12 months hence marked as Current Assets Current Assets
Long Term Debt Stands Payable after 12 months hence marked as Non Current Non Current Libaility
Property Plant and Equipment Life is more than 12 months ( Operating Cycle of 12 months) hence is termed as Fixed asset, classified as Non Current assets, as not be sold within coming 12 months. Non Current Assets
Accounts Payable AS stands payable within 12 months classified as Current laibility. Current Liability
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