Current asset and other assets
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The distinction between a current asset and other assets:
- is based on how long the asset has been owned.
- is based on amounts that will be paid to other entities within a year.
- is based on the ability to determine the current fair market value of the asset.
- is based on when the asset is expected to be converted to cash, or used to benefit the entity.
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The solution explains the distinction between a current asset and other assets.
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