Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets. Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year. Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services. Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period. Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets. Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year. To identify: The relevant category of balance sheet for the given items.

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Chapter 3, Problem 24QS

To determine

Current assets: Current assets are assets which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term investments: Long term investments are noncurrent assets which are not meant to be converted into cash and cash equivalent within in the period of 1 year. These are meant to benefit company for more than one year.

Plant assets: Also referred as fixed assets or long term assets, are assets with a useful life of more than one year and are generally subjected to depreciation. These are tangible in nature and add value to the business by generating revenues and profits from production and selling of products services.

Intangible assets: Intangible assets are the non visible assets which generally have a beneficial life of more than one accounting period.

Current liabilities: Current liabilities are liabilities which are expected to be converted into cash and cash equivalents within in the period of 1 year. Current assets can also be utilized to pay current liabilities of the company. Current asset include cash, short term investments, accounts receivables, inventories, prepaid assets and other current assets.

Long term liabilities: Long term liabilities are liabilities which are not due to be discharged within a time frame of one year.

To identify: The relevant category of balance sheet for the given items.

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