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Definition: Current Assets are all assets which are expected to be converted to cash, consumed, or sold within 12 months of the balance sheet date, or the company's normal operating cycle, whichever is longer. Typical CA include cash, cash equivalents, short-term investments, accounts receivable, inventory and the portion of prepaid liabilities which will be paid within a year. |
More on accounting and auditing: Accounting Cycle, Accounts Payable, Accounts Receivable, Accrued Revenue, Amortization, more... |
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