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An asset is something that is considered to be a future economic benefit of the business a current asset is the same but that future economic benefit is expected to occur within 12 months.
There are three characteristics that define an asset, as follows:The entity obtained the asset in a past event/transaction.The entity has present control over the asset.Future economic benefit is expected to flow to the entity as a result of their possession of the asset.
Yes, any expense paid in advance is current asset as the actual benefit will be taken in future time period.
phone bill is liability for business as it is payable in future and not an asset as the benefit of it has already taken by business.
Receivable is an asset for business which will be availabe in future time to business to take benefit.