Which of the following is typically classified as a current asset in accounting?

The classification of current assets in accounting is based on their liquidity and the timeframe within which they are expected to be converted into cash or used up. Accounts receivable represents amounts owed to the business by its customers for goods or services that have been delivered but not yet paid for. This makes it a current asset, as it is expected that these amounts will be collected within one year, thereby providing cash flow in the near future.

In contrast, notes payable is a liability rather than an asset; it represents money owed by the business to creditors. Long-term investments and property, plant, and equipment are classified as non-current assets since they are intended for long-term use and are not readily converted to cash within a year. Long-term investments often involve stocks, bonds, or real estate that a company intends to hold for several years, while property, plant, and equipment are tangible assets that a business uses in its operations.