Based on accounting principles accounts receivable are typically classified as current assets because they "converted to cash within one year."
- This is because when the account receivable is collected, it is transformed into cash within one year.
- However, if it is converted after more than one year, it's considered a long-term asset instead of a current asset.
Hence, in this case, it is concluded that accounts receivable are typically classified as current assets because they "converted to cash within one year."
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