Question

    Which of the following is not included in current assets?   

    A Cash in hand Correct Answer Incorrect Answer
    B Cash in bank Correct Answer Incorrect Answer
    C Stock Correct Answer Incorrect Answer
    D Debtors Correct Answer Incorrect Answer
    E All of the above are current assets Correct Answer Incorrect Answer

    Solution

    Current assets are balance sheet accounts that represent the value of all assets that can reasonably expect to be converted into cash within one year. Stock may or may not be converted into cash depending upon the sales cycle. Obsolete stock may not lead to sale at all. 

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