Asset and liability accounts are grouped in current and long-term sections. A current asset is one normally convertible to cash, or a cash equivalent benefit, within twelve months. Other assets are labelled long-term, or a special category of long-term, i.e., deferred charges, etc. Similarly, current liabilities are those which will become due and payable within twelve months.

History

1. Amendment filed 10-2-69; effective thirtieth day thereafter (Register 69, No. 40).