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Answer Posted / opoku wilson
Loose tools in accounting are also known as current assets, and will be typically found on any balance sheets that may be produced for your business. Whether you’re due to receive interest on your company’s savings, have cash sitting in the bank, or simply have stock that’s waiting to be sold, all of these things are examples of what can count as loose tools. There is another definition of what qualifies as current assets, and this is whether you expect the cash or goods at hand to be sold onto consumers or used within the next 12 months.
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