Financial Reporting and Current Assets: Example Problem
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Which of the following is not a current asset?
Choose one answer.
a. Prepaid property taxes that relate to the next operating period.
b. The cash surrender value of a life insurance policy carried by a corporation on its president.
c. Marketable securities purchased as a temporary investment of cash.
d. Instalment notes receivable due over 15 months in accordance with normal trade practices.
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Solution Summary
Discusses which is not a current asset.
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Cash surrender value of a life insurance policy can be a current or non-current asset based on the intent. In this case, ...
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