Determine from the following items if they are Current or Non-

Current Assets; or Current or Non-Current Liabilities, if applicable:

1. Cash of the business deposited in the bank

Answer: Current Asset

2. Land which is subject of a real estate mortgage

Answer: Current Liability

3. Land Cruiser for the personal use of the owner of the business
Answer: Current Asset

4. Loan from Credit Cooperative which is due within six months

Answer: Non-Current Liability

5. Loans to the employees of the business which are due in 13

months
Answer: Non-Current Liability

6. Mortgage in relation to item number 2 which is payable in five

years
Answer: Non- Current Liability

7. Merchandise comprising of school supplies which are being sold

by the business
Answer: Current Asset

8. Amount payable by customers in three months who bought

goods on credit
Answer: Non- Current Asset

9. Personal house and lot of the owner’s son

Answer: Current Asset

10. Computer units used in the business

Answer: Current Asset