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The receipt of cash in advance from a customer increases assets and stockholders' equity. increases assets and decreases stockholders' equity. increases assets and liabilities. none of these answer choices are correct. A current asset is O the last asset purchased by a business. O an asset which is currently being used to produce a product or service. O usually found as a separate classification in the income statement. O expected to be converted to cash or used in the business within one year or one operating cycle, whichever is longer. Which of the following is not considered an asset? O Accounts receivable O Equipment O Dividends Inventory Which of the following is an advantage of corporations relative to partnerships and sole proprietorships? Reduced legal liability for investors. O Harder to transfer ownership. O Lower taxes. O Most common form of organization