Auditing - Classification of Current Assets | 12th Auditing : Chapter 5 : Verification and Valuation of Current and Intangible Assets

Chapter: 12th Auditing : Chapter 5 : Verification and Valuation of Current and Intangible Assets

Classification of Current Assets

Current assets are assets which are utilized or converted into cash within one- year period.

Classification of Current Assets

Current assets are assets which are utilized or converted into cash within one- year period. They are assets tangible with physical form. Based on their nature, currents assets are classified into following categories as: (1) Cash in hand (2) Cash at Bank (3) Stock or Inventories, and (4) Book Debts or Sundry Debtors.

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12th Auditing : Chapter 5 : Verification and Valuation of Current and Intangible Assets : Classification of Current Assets | Auditing