A Current Asset Is

Multiple Choice

A current asset is:

A) An item currently owned by the firm.
B) An item that the firm expects to own within the next year.
C) An item currently owned by the firm that will convert to cash within the next 12 months.
D) The amount of cash on hand the firm currently shows on its statement of financial position.
E) The market value of all the items currently owned by the firm.