(Solved): The basis for classifying assets as current or noncurrent is the period of time normally required by ...

The basis for classifying assets as current or noncurrent is the period of time normally required by the accounting entity to convert cash invested in inventory back into cash, or 12 months, whichever is shorter. inventory back into cash, or 12 months, whichever is longer. 17 receivables back into cash, or 12 months, whichever is longer.