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Financial Statements - 1 — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountFinancial Statements - 11 Mark
Question
Briefly explain Current Assets.
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Answer

Current Assets: These are the assets of business which are held for resale or for converting into cash. These are the assets which are likely to be realised within a period of one year or during the period of normal operating cycle. A business earns profit by sale of these assets but not by keeping them in hand.
Examples are unsold goods, debtors, bills receivable, bank balance, cash in hand, etc.

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