A Current Asset Must

Multiple Choice

A current asset must
I. be easily converted into cash.
II. have future economic benefit.
III. be used up or converted into cash within the next year or operating cycle, whichever is shorter.

A) I is true.
B) I and II are true.
C) II and III are true.
D) I and III are true.
E) I, II, and III are true.