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Answer (D) is correct . For financial reporting purposes, current assets consist of cash and other assets or resources expected to be realized in cash, sold, or consumed during the longer of 1 year or the normal operating cycle of the business.

Answer (A) is incorrect because Current assets are measured using different attributes, for example, lower of cost or market for inventory and net realizable value for accounts receivable.
Answer (B) is incorrect because Prepayments may qualify as current assets. They often will be consumed during the operating cycle.
Answer (C) is incorrect because The classification criterion is based on the normal operating cycle regardless of the seasonality of the business.