Questions: What are assets that can be turned into cash quickly? fixed assets liquid assets accounts payable illiquid assets

The answer is: liquid assets.

Explanation for each option:

1. Fixed assets: These are long-term assets such as buildings, machinery, and equipment. They are not easily converted into cash quickly because they are used in the operation of a business and typically require time to sell.

2. Liquid assets: These are assets that can be quickly and easily converted into cash without significant loss of value. Examples include cash itself, bank accounts, and marketable securities. This is the correct answer.

3. Accounts payable: This represents the money a company owes to its suppliers or creditors. It is a liability, not an asset, and therefore cannot be converted into cash.

4. Illiquid assets: These are assets that cannot be quickly converted into cash without a substantial loss in value. Examples include real estate, collectibles, and certain types of investments. They are the opposite of liquid assets.

In summary, liquid assets are the assets that can be turned into cash quickly.