Current Assets

Code: 1100
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Account Information

Account Type Statement of Financial Position
Normal Balance Debit

Definition

Assets expected to be converted to cash within one year

Sub-accounts

1110

Cash and Cash Equivalents

1120

Accounts Receivable

1130

Inventory

1140

Prepaid Expenses

1141

Advances to Suppliers

1142

Employee Advances

1150

Other Receivables

Related Accounts

Opposite of Current Liabilities

International Accounting Standards

IFRS IAS 1 Presentation of Financial Statements

Current assets: expected to be realised within 12 months or the operating cycle. Presented in order of liquidity.

US GAAP ASC 210 Balance Sheet

Same 12-month or operating cycle rule. Listed in decreasing order of liquidity.