CBSE Class 11-commerce Answered
Why bank balance is current asset?
Asked by snitika319 | 01 May, 2019, 09:47: PM
Expert Answer
Assets are the properties owned by the business which are used to carry out the business operations and earn operating revenue for the business. It can be classified into Non-Current, Current and Fictitious Assets where, Current assets are those assets which are held on short term basis for the purpose of converting them into cash within a year such as debtors, stocks, etc. Since, bank balance is the amount of funds held on short term basis for the purpose of converting them into cash, it is also classified as Current Assets.
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