1. For the typical company, current assets include:

a. assets that must be fully paid for within one year from the balance sheet date (or operating cycle, If longer).

b. assets that will be used up over a period that includes many years.

c. assets that are cash, will be converted into cash, or will be used up within one year from the balance sheet date (or operating cycle, if longer).

d. all assets that were purchased using cash.