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Grouping of Assets & Liabilities

Which of the ...

Question

Which of the following statements does not help to describe a fixed asset?

A

It is not purchased specifically for resale.

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B

It is likely to be purchased for more than one accounting period.

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C

It can be converted into cash quickly without any loss in value.

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D

It is likely to be used within the business.

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Solution

The correct option is C
It can be converted into cash quickly without any loss in value.

This is not correct.

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