What are 5 current assets?
Current assets represent short-term economic resources owned by a business that are reasonably expected to be converted into cash, sold, or consumed within a single normal operating cycle or one year. Five primary examples of current assets commonly found on corporate balance sheets include: 1. Cash and cash equivalents, which encompass physical currency, petty cash funds, and high-liquid bank deposits available for immediate operational use; 2. Accounts receivable, representing money owed to a company by its customers for goods or services delivered on credit; 3. Inventory, comprising raw materials, work-in-progress goods, and finished products awaiting sale to consumers; 4. Prepaid expenses, which are advance payments made for goods or services to be received in future periods, such as annual insurance premiums; and 5. Short-term investments or marketable securities, including liquid debt or equity instruments intended to be liquidated quickly for cash.
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