Question: 9. Topic: Current Assets MICHELLE: How did you do on that accounting exam? NICOLE: I just missed a B by two points. MICHELLE: At least

9. Topic: Current Assets MICHELLE: How did you do on that accounting exam? NICOLE: I just missed a "B" by two points. MICHELLE: At least you passed the exam! NICOLE: I know. But I was hoping for a higher grade since I studied so hard for this exam. MICHELLE: Maybe there were some questions that the professor graded wrong. NICOLE: I agree. We had one question that asked, "How should a deposit on a piece of equipment that is to be purchased within one year be classified on the entity's balance sheet?" MICHELLE: That's easy. Even I know the answer to that question. It would be recorded as a current asset. NICOLE: That's exactly how I answered the question, and it was graded wrong. MICHELLE: You need to go to the professor and tell him that the grading guide is in error. NICOLE: Before I do that, I want to be sure of the answer. Required: Utilize the FASB's Codification to provide a specific reference for Nicole on her issue

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