which of the following statements are true? multiple select question. a current asset is expected to be converted to cash or consumed within one year or an operating cycle, whichever is shorter. most businesses provide information about their bill-paying ability by classifying their assets and liabilities according to liquidity. long-term assets are usually presented before short-term assets on a classified balance sheet. the more quickly an asset is converted to cash or consumed, the more liquid it is considered.
