Current Assets in Accounting

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What is the current portion of a long-term liability?

The portion of a long-term borrowing that is currently due

How are non-current liabilities defined?

Liabilities that are not currently payable

Which of the following decreases capital?

Expenses

What is capital equal to?

Total assets minus total liabilities

How does owner withdrawal impact capital?

Decreases capital

Which of the following increases capital?

Income earned

What defines non-current assets?

"Assets that are not expected to be realized within one year"

Learn about current assets in accounting, including examples such as cash and cash equivalents, and receivables. Understand the criteria for classifying assets as current based on their expected realization or consumption within a specified period.

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