Question
Which are current assets? Select the two correct answers.(1 point)
Responses
cash
inventories
property
wages payable
income tax
Responses
cash
inventories
property
wages payable
income tax
Answers
GPT-4o mini
The two correct answers for current assets from the options provided are:
1. **Cash**
2. **Inventories**
Current assets are assets that are expected to be converted into cash or used up within one year. Cash and inventories meet this criterion. Property is a long-term asset, while wages payable and income tax are liabilities, not assets.
1. **Cash**
2. **Inventories**
Current assets are assets that are expected to be converted into cash or used up within one year. Cash and inventories meet this criterion. Property is a long-term asset, while wages payable and income tax are liabilities, not assets.