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Zolol [24]
4 years ago
14

Current assets are economic resources that are expected to be converted to cash or used up by the business within one year or th

e normal operating cycle, whichever is shorter.
A. True
B. False
Business
1 answer:
4vir4ik [10]4 years ago
6 0

Answer:

Statement is false

Explanation:

Current assets are economic resources of the organization that are usually used up within one year to carry out the operations. However, if the operating cycle is more than one year, then the asset that gets used up within that period is considered as current asset. Operating cycle is the time period taken to invest cash, produce goods, sell them and receive money from customers against goods sold. Operating cycle need not be limited to one year.

So, asset that gets used up within operating cycle is termed current asset.

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aleksklad [387]

It is false that the effect of the tax on the quantity sold would have been larger if the tax had been levied on consumers.

<h3>What is Tax?</h3>

Tax refer compulsory levy or contribution place on individual, organization or state which is levied by government majorly on workers income or business profits of companies or can be added to cost of goods, services or even any transactions done.

Therefore, It is false that the effect of the tax on the quantity sold would have been larger if the tax had been levied on consumers because the effect of tax on consumers or producers is normally determined by price elasticity.

Learn more about tax from the link below.

brainly.com/question/25783927

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