Question

The assets of a business can be classified as _________.

• A. Only Fixed Assets
• B. Only Current Assets
• C. Fixed and Current Assets
• D. Fictitious Assets

Answer 1

The correct option is C Fixed and Current Assets

Assets may be classified as fixed and current account depending on the nature. Assets which are having a longer useful life and gives the benefits to the business in coming years too are considered as fixed assets. Current assets are those which are fluctuating and occurred during the course of business like stocks, debtors, cash, bank etc.