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Question

The term current assets does not include _____________.


A
Cash.
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B
Stock-in-hand.
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C
Advance payments.
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D
Furniture.
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Solution

The correct option is D Furniture.
Current Assets are those which generated during the course of business operations and changes with each of the transaction. Examples are sundry debtors, stock in trade, Bills receivables, cash on hand, cash at bank etc. 

Furniture is an item of fixed assets and to be shown in the assets side under the heading of fixed assets. 

Accountancy

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