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P2 C3 COMPANY FINAL ACCOUNT — Elements of Account STD 12 Commerce — Question

Gujarat BoardEnglish MediumSTD 12 CommerceElements of AccountP2 C3 COMPANY FINAL ACCOUNT1 Mark
Question
What is current asset and non-current asset ?
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Answer

$1.$ Current Assets: An asset shall be classified as current asset if it satisfies any of the following criteria :
  • When it is expected to be realised in or is intended for sale or consumption in the company’s normal operating cycle.
  • If it is held primarily for the ‘ purpose of being traded
  • If it is expected to be realised within $12$ months after the reporting date.
$2.$ Non-current Assets: Assets other than current assets are classified as non-current asset.

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