Current assets of the College represent those items that can be consumed or realized during the current operating cycle. The following represents the current assets of the College:

1. Cash
   
   Funds available to meet the operating expenditures of the College.
   
   
2. Accounts Receivable
   
   Revenue earned by the College but not yet collected. A Contra asset account may accompany an accounts receivable. The Contra asset account establishes an "Allowance for Uncollectible Accounts Receivable." The establishment of this account allows the accounts receivable to be reported on a more realistic basis.
   
   
3. Inventories
   
   Current inventories represent those items that are used during the current operating cycle to continue current operations. Presently the only items that are inventoried are those retail items necessary to continue the Auxiliary Enterprises of the College.
   
   
4. Investments
   
   Investing of excess short term cash for the purpose of generating additional revenue.
   
   
5. Prepaid Items
   
   Expenditures for benefits not yet received.

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